By Paul A. Harris
Portland, Ore., July 10 - Switzerland-based Unilabs made a successful return to the high-yield primary market on Wednesday, completing a €685 million three-part notes transaction, which it withdrew a month ago due to market conditions, a trader said.
Unilabs SubHolding AB priced two tranches of senior secured notes (B3/B).
A €355 million tranche of 8½% notes priced at 98.025 to yield 9%. The yield printed on top of yield talk.
A €130 million tranche of three-month Euribor plus 725 basis points notes were priced at 99.00. The spread and reoffer price both came on top of talk.
The secured portions of the deal saw €30 million shifted to the floating-rate tranche from the fixed-rate tranche, relative to the sizes that were circulated along with price talk, earlier on Wednesday.
Meanwhile Unilabs MidHolding AB priced a €200 million tranche of second-lien pay-in-kind toggle notes due Jan. 15, 2019 (Caa2/CCC+) at par to yield 12%. The PIK toggle notes come with a 12% cash coupon and a 13% PIK coupon.
JPMorgan, Lloyds TSB, Nordea and SEB Bank were the joint bookrunners.
The Geneva, Switzerland-based clinical testing company plans to use the proceeds to repay debt.
| Company: | Unilabs
|
| Amount: | €685 million
|
| Bookrunners: | JPMorgan, Lloyds TSB, Nordea, SEB Bank
|
| Trade date: | July 10
|
| Settlement date: | July 17
|
| Marketing: | Quick to market after having been withdrawn in mid-June due to marketing conditions, following a roadshow
|
|
|
| Fixed-rate senior secured notes
|
| Issuer: | Unilabs SubHolding AB
|
| Amount: | €355 million, initial tranche size was €385
|
| Maturity: | July 15, 2018
|
| Coupon: | 8½%
|
| Price: | 98.025
|
| Yield: | 9%
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | 9% area
|
|
|
| Floating-rate senior secured notes
|
| Issuer: | Unilabs SubHolding AB
|
| Amount: | €130 million, initial tranche size was €100
|
| Maturity: | July 15, 2018
|
| Coupon: | Three-month Euribor plus 725 bps
|
| Price: | 99.00
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | Euribor plus 725 bps at 99
|
|
|
| Second-lien PIK toggle notes
|
| Issuer: | Unilabs MidHolding AB
|
| Amount: | €200 million
|
| Maturity: | Jan. 15, 2019
|
| Cash coupon: | 12%
|
| PIK coupon: | 13%
|
| Price: | Par
|
| Yield: | 12%
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
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