Syneos Health to launch $2.5 billion credit facilities on Thursday

By Sara Rosenberg

New York, Sept. 6 – Syneos Health Inc. is scheduled to hold a lender call at 10 a.m. ET on Thursday to launch $2.5 billion of credit facilities, according to a market source.

Goldman Sachs Bank USA, UBS Investment Bank, RBC Capital Markets LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, Macquarie Capital (USA) Inc., Natixis, Truist Securities Inc., Citizens Bank, MUFG, SMBC, Capital One and Societe Generale are the lead arrangers on the deal.

The facilities consist of a $500 million revolver and a $2 billion term loan B, the source said.

Proceeds will be used with $1.7 billion of senior secured notes to help fund the buyout of the company by Elliott Investment Management, Patient Square Capital and Veritas Capital for $43 per share in cash in a transaction valued at about $7.1 billion, including outstanding debt, and to pay related fees and expenses.

The financing is slightly different than announced in a filing with the Securities and Exchange Commission in May, under which the company had a commitment for $2.2 billion in term loans and $1.5 billion in bridge loans.

Closing is expected in the second half of this year, subject to the approval of Syneos shareholders and other customary conditions, including regulatory approvals.

Syneos is a Morrisville, N.C.-based contract research organizations and contract commercial organization.

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