New Issue: France's Labco prices €100 million tap of 8½% notes due 2018 at 103 to yield 7.753%

By Paul A. Harris

Portland, Ore., Feb. 6 - France's Labco SAS priced a €100 million add-on to its 8½% senior secured notes (existing ratings B3/B+/) due Jan. 15, 2018 at 103 to yield 7.753% on Wednesday, according to a market source.

Barclays, Deutsche Bank and Natixis were the joint bookrunners for the quick-to-market deal.

Labco is a Paris-based clinical laboratory operator.

Issuer:	Labco SAS
Face amount:	€100 million
Proceeds:	€103 million
Maturity:	Jan. 15, 2018
Security description:	Add-on to 8½% senior secured notes due Jan. 15, 2018
Bookrunners:	Barclays, Deutsche Bank, Natixis
Coupon:	8½%
Price:	103
Yield:	7.753%
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:	Feb. 6
Existing ratings:	Moody's: B3
	Standard & Poor's: B+
Marketing:	Quick to market
Original issue:	€500 million priced in January 2011
Total issue size:	€600 million

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