Synlab Bondco allocates €150 million add-on term loan B

By Sara Rosenberg

New York, April 9 – Synlab Bondco allocated on Tuesday its fungible €150 million add-on covenant-lite term loan B (B2/B+/B+) due July 2022, according to a market source.

Pricing on the add-on term loan B is Euribor plus 300 basis points with a 0% floor, and it was sold at an original issue discount of 99.25.

On Monday, the discount on the term loan firmed at the tight end of the 99 to 99.25 talk.

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

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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