Synlab launches €385 million term loan B-4 at Euribor plus 400 bps

By Sara Rosenberg

New York, Nov. 23 – Synlab Bondco plc launched on Monday its €385 million covenant-lite term loan B-4 due July 2027 with price talk of Euribor plus 400 basis points with a 0% floor and an original issue discount of 99.5 to 99.75, according to a market source.

The term loan B-4 has 101 soft call protection for six months, the source said.

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.

Commitments are due at 7 a.m. ET on Friday.

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 is also seeking 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 are being offered a 25 bps amendment fee.

HSBC is the physical bookrunner on the amendment.

Synlab is a Munich-based medical diagnostics services provider.

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