By Marisa Wong
Los Angeles, May 12 – Synlab Group priced €850 million of senior secured floating-rate notes due July 2025 (B2/B/B+) at 99 with a coupon of Euribor plus 475 basis points, according to a notice.
The offering was upsized from an initially announced €400 million.
The guaranteed notes will be issued through Synlab Unsecured Bondco plc.
Deutsche Bank AG, London Branch is the manager for the Regulation S and Rule 144A offering.
The notes come with one year of call protection, as previously reported.
The Augsburg, Germany-based medical diagnostics company plans to use proceeds, together with cash on its balance sheet, to redeem an estimated €400 million of senior secured floating-rate notes due 2022 at par.
| Issuer: | Synlab Unsecured Bondco plc
|
| Guarantors: | Synlab subsidiaries
|
| Issue: | Senior secured floating-rate notes
|
| Amount: | €850 million
|
| Maturity: | July 2025
|
| Manager: | Deutsche Bank AG, London Branch
|
| Coupon: | Euribor plus 475 bps
|
| Price: | 99
|
| Announcement date: | May 12
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Regulation S and Rule 144A
|
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