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Eurofins Scientific pricing €600 million offering of long six-year notes to yield 3 7/8%
By Rebecca Melvin
New York, May 6 – Eurofins Scientific SE was pricing a €600 million offering of long six-year notes to yield 3 7/8% on Wednesday, according to a syndicate source.
The pricing of the Regulation S deal was at the tight end of guidance for a yield of 3 7/8% to 4% and well below initial price talk for yield in the area of 4 1/8%.
The size of the orderbook at the time guidance was released was more than €1.4 billion. At that time, the deal size was expected to be €500 million.
BNP Paribas, BofA Securities, CIC, Danske Bank and UniCredit are joint bookrunners of the deal.
Proceeds of the bond, which matures July 17, 2026, will be used to fund general corporate purposes in addition to funding a concurrent capped tender offer for the issuer’s €500 million 2¼% bonds due 2022 and €500 million of 3 3/8% bonds due 2023.
Some of the proceeds may be used to refinance shorter-dated debt instruments, including bank lines and commercial paper.
The international group of laboratories is based in Luxembourg.
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