New Issue: France's Labco sells €500 million seven-year notes at par to yield 8½%

By Paul A. Harris

Portland, Ore., Jan. 14 - France's Labco SAS priced a €500 million issue of seven-year senior secured notes (B3/B+/) at par to yield 8½% on Friday, according to market sources.

The yield printed on top of the price talk.

Credit Suisse, Deutsche Bank, Natixis Bleichroeder and UBS were the joint bookrunners.

The Paris-based clinical laboratory operator will use the proceeds to refinance existing debt.

Issuer:	Labco SAS
Amount:	€500 million
Maturity:	Jan. 15, 2018
Securities:	Senior secured notes
Bookrunners:	Credit Suisse, Deutsche Bank, Natixis Bleichroeder, UBS
Coupon:	8½%
Price:	Par
Yield:	8½%
Spread:	588 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Jan. 15, 2014, then callable at 106.375, 104.25, 102.125%, par on and after Jan. 15, 2017
Trade date:	Jan. 14
Settlement date:	Jan. 24
Ratings:	Moody's: B3
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	8½% area
Marketing:	Roadshow

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