Synlab launches €900 million term loan B at Euribor plus 475-500 bps

By Sara Rosenberg

New York, Dec. 4 – Synlab AG (Ephios Subco 3 Sarl) launched on Monday its €900 million seven-year term loan B with price talk of Euribor plus 475 basis points to 500 bps with a 0% floor and an original issue discount of 98, according to a market source.

The term loan has 101 soft call protection for six months.

Barclays, BNP Paribas, Credit Agricole, Citigroup Global Markets Inc., Mizuho and Natixis are the joint bookrunners on the deal. Deutsche Bank Securities Inc., Santander, Goldman Sachs, HSBC, ING, RBI, Standard Chartered, SMBC and UCI are passive bookrunners. Natixis is the agent.

Commitments are due at 7 a.m. ET on Dec. 12.

Proceeds will be used with €550 million equivalent of other senior secured debt to fund the acquisition of Synlab AG by Cinven for €10 per share and to repay an existing term loan A due 2026.

Synlab is a Munich-based medical diagnostics services provider.

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