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Covance announces $250M debt financing

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Covance Inc., the Princeton-based provider of drug development services, announced Tuesday it has entered into a note purchase agreement for the private placement of senior notes totaling $250 million with a group of institutional investors.

According to the announcement, the notes are expected to be issued in November 2013 in the following four series:

- $15 million bearing interest at 3.25% and maturing on November 15, 2018;

- $50 million bearing interest at 3.90% and maturing on November 15, 2020;

- $90 million bearing interest at 4.50% and maturing on November 15, 2023; and

- $95 million bearing interest at 4.65% and maturing on November 15, 2025.

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