Synlab readies launch of €385 million term loan B-4 for Monday

By Sara Rosenberg

New York, Nov. 20 – Synlab Bondco plc will hold a lender call on Monday to launch its €385 million covenant-lite term loan B-4 due July 2027, according to a market source.

HSBC, Natixis and UniCredit are the physical bookrunners on the deal. BofA Securities Inc., Credit Agricole, Deutsche Bank, Goldman Sachs and J.P. Morgan Securities LLC are bookrunners.

The term loan B-4 has a 0% floor.

Commitments are due at 7 a.m. ET on Nov. 27, the source said.

Proceeds will be used to repay €375 million of 8¼% senior notes due 2023 and associated premiums, as well as to fund transaction fees and expenses.

The company will also be launching on the call an amendment to its existing €920 million term loan B-2 that would introduce an extra step to the margin ratchet for the tranche.

Lenders will be offered a 25 bps amendment fee, the source added.

HSBC is the physical bookrunner on the amendment.

Synlab is a Munich-based medical diagnostics services provider.

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