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Labco/Synlab sets pricing on upsized €1.06 billion three-part notes ahead of final terms Thursday
By Paul A. Harris
Portland, Ore., July 23 – Dealers set tranches sizes and pricing on an upsized €1.06 billion offering of high-yield notes backing the acquisition of Germany-based Synlab, according to a market source.
Final terms are expected later Thursday.
The Labco/Synlab deal, the overall size of which has been increased from €1.05 billion, is coming in three tranches, two secured and one unsecured.
Ephios Bondco plc is selling an upsized €685 million of Labco secured notes due July 1, 2022 (B2/B+/B+) in two add-on tranches.
Included is a €400 million add-on to the 6¼% notes set to price at 99. The original €500 million issue priced at par on June 12, 2015.
A €285 million add-on to the Euribor plus 500 basis points notes is also set to price at 99. The original €300 million issue priced 99.5 on June 12, 2015.
The combined size of the secured portion of the deal is increased from €675 million.
Lead left bookrunner JPMorgan will bill and deliver for the secured notes.
Ephios Holdco II plc is selling €375 million of new eight-year senior unsecured notes (Caa1/B-/CCC+), callable after three years at par plus 75% of the coupon and set to yield 8¼%.
Lead left bookrunner Goldman Sachs will bill and deliver for the unsecured notes.
JPMorgan and Goldman Sachs are the global coordinators for the Rule 144A and Regulation S for life deal.
Barclays, Deutsche Bank, BNP Paribas, HSBC and Morgan Stanley are the joint bookrunners.
Proceeds will be used to finance the acquisition of Synlab by Cinven. The additional €10 million of proceeds resulting from the upsize will be used to fund the original issue discounts.
Synlab is an Augsburg, Germany-based laboratory services provider.
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