By Paul Deckelman
New York, Nov. 4 – Synlab Bondco plc priced €940 million of senior secured floating-rate notes due 2022 (B2//B+), European high-yield sources said on Friday.
The notes priced at par and will pay 350 basis points over Euribor, with a 0% Euribor floor.
Thursday’s announcement of the pending Rule 144A and Regulation S offering had indicated that the company would be offering both fixed- and floating-rate secured 2022 notes, but no fixed-rate tranche ever materialized.
The London-based company (formerly known as Ephios Bondco plc) – a debt issuance vehicle for Synlab Holding GmbH, an Augsburg, Germany-based provider of laboratory services in Europe for human and veterinary medicine and environmental analysis – plans to use the expected new-deal proceeds for debt repayment.
It intends to redeem in full all of company’s €775 million of senior secured floating-rate notes and to repay all outstanding revolving credit facility borrowings.
Synlab Bondco said that remaining proceeds will be used for general corporate purposes, including and primarily financing selective acquisitions in its current markets and in new markets and also to pay associated fees and expenses from the transactions.
| Issuer: | Synlab Bondco plc
|
| Amount: | €940 million
|
| Security description: | Senior secured floating-rate notes
|
| Maturity: | 2022
|
| Coupon: | Euribor plus 350 bps
|
| Price: | Par
|
| Yield: | Euribor plus 350 bps
|
| Euribor floor: | 0%
|
| Rate reset: | Quarterly
|
| Announcement date: | Nov. 4
|
| Ratings: | Moody’s: B2
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Short roadshow
|
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