Synlab Bondco sets OID on €150 million add-on term loan B at 99.25

By Sara Rosenberg

New York, April 8 – Synlab Bondco finalized the original issue discount on its fungible €150 million add-on covenant-lite term loan B (B2/B+/B+) due July 2022 at 99.25, the tight end of the 99 to 99.25 talk, according to a market source.

Pricing on the add-on term loan B is Euribor plus 300 basis points with a 0% floor.

HSBC, Natixis and UniCredit are the physical bookrunners on the deal, and Barclays, BNP Paribas, Deutsche Bank, Goldman Sachs, J.P. Morgan and Morgan Stanley are the joint bookrunners. Natixis is the agent.

Commitments were scheduled to be due at the close of business on Monday, accelerated from the close of business on Tuesday, the source added.

Allocations are targeted for Tuesday.

Proceeds will be used to refinance revolving credit facility drawings and for cash overfunding.

Synlab is a provider of specialized clinical laboratory testing services.

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