Synlab lifts term loan to €1 billion, firms at Euribor plus 475 bps

By Sara Rosenberg

New York, Dec. 12 – Synlab AG (Ephios Subco 3 Sarl) revised the size of its seven-year term loan B (B2/B+/B+) to €900 million, plus or minus €100 million, from an initial size of €900 million, and then finalized the size at €1 billion, according to a market source.

Also, pricing on the term loan finalized at Euribor plus 475 basis points, the low end of the Euribor plus 475 bps to 500 bps talk, and the original issue discount was tightened to 99 from 98, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

Barclays, BNP Paribas, Credit Agricole, Citigroup Global Markets Inc., Mizuho and Natixis are the joint physical bookrunners on the deal. Deutsche Bank Securities Inc., Santander, Goldman Sachs, HSBC, ING, RBI, Standard Chartered, SMBC, UCI and LBBW are joint bookrunners. Natixis is the agent.

Proceeds will be used to help fund the acquisition of Synlab AG by Cinven for €10 per share and to repay an existing term loan A due 2026.

Other funds for the transaction will come from €450 million of senior secured notes, downsized from €550 million.

Synlab is a Munich-based medical diagnostics services provider.

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