Labco carves out floating-rate tranche in €800 million secured notes offering, sets price talk

By Paul A. Harris

Portland, Ore., June 12 – Labco SA restructured its €800 million offering of seven-year senior secured notes (B3//B+) by carving out a tranche of floating-rate notes, according to a market source.

The offer now includes fixed-notes talked to yield in the 6¼% area and floating-rate notes talked with a coupon in the Euribor plus 500 basis points area, discounted to 99.5.

The deal, which was previously in the market as a single fixed-rate notes tranche, is set to price Friday.

Joint bookrunner JPMorgan will bill and deliver. Barclays, Deutsche Bank, HSBC, Morgan Stanley, Natixis and UBS are also joint bookrunners.

The issuing entity will be special purpose vehicle Ephios Bondco plc.

Proceeds will be used to refinance Labco debt following Cinven’s acquisition of a majority stake in the company in May.

Labco is a Paris-based laboratory company.

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