By Paul A. Harris
Portland, Ore., June 12 – Labco SA priced a restructured €800 million two-part offering of seven-year senior secured notes (B3/B+/B+) on Friday, according to market sources.
The deal included €500 million fixed-rate notes, which priced at par to yield 6¼%. The yield printed on top of yield talk.
In addition Labco priced a €300 million tranche of floating-rate notes carved out of the deal subsequent to the deal being announced. The floating-rate notes came with a three-month Euribor plus 500 basis points coupon, discounted to 99.5. Both the coupon and price came on top of talk.
Joint bookrunner JPMorgan will bill and deliver. Barclays, Deutsche Bank, HSBC, Morgan Stanley, Natixis and UBS were also joint bookrunners.
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.
| Issuer: | Ephios Bondco plc (Labco)
|
| Amount: | €800 million
|
| Maturity: | July 1, 2022
|
| Securities: | Senior secured notes
|
| Bookrunners: | JPMorgan (bill and deliver), Barclays, Deutsche Bank, HSBC, Morgan Stanley, Natixis, UBS
|
| Trade date: | June 12
|
| Settlement date: | June 17
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | €500 million
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 585 bps
|
| First call: | July 1, 2018 at 103.125
|
| Price talk: | 6¼% area
|
|
|
| Floating-rate notes
|
| Amount: | €300 million
|
| Coupon: | Three-month Euribor plus 500 bps
|
| Price: | 99.5
|
| First call: | July 1, 2016 at 101
|
| Price talk: | Euribor plus 500 bps at 99.5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
