Unilabs returns with €685 million three-part notes offer; sets size, talk; pricing Wednesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., July 10 - Unilabs plans to price on Wednesday €685 million of notes in three parts, according to a market source.

The Geneva, Switzerland-based clinical testing company's deal was pulled on June 13 due to market conditions.

Unilabs Subholding AB is set to sell €385 million five-year senior secured fixed-rate notes, with yield talk in the 9% area.

The company is also planning €100 million five-year senior secured floating-rate notes, with price talk set at Libor plus 725 basis points at 99.

Additionally, Unilabs Midholding AB is expected to price €200 million 5.5-year second-lien pay-in-kind toggle notes, and yield is being talked at 13%.

JPMorgan, Lloyds TSB, Nordea and SEB Bank are the joint bookrunners.

Proceeds will be used to repay debt.

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