Synlab talks €550 million seven-year secured notes in 8¼% area; books close Tuesday

By Paul A. Harris

Portland, Ore., Dec. 11 – Synlab AG parent company Ephios Subco 3 talked its €550 million offering of seven-year senior secured notes (B2/B+/B+) to yield in the 8¼% area on Monday, according to a market source.

Books close mid-morning Tuesday, London time.

The notes come with three years of call protection.

Deutsche Bank Securities Inc., Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Mizuho Securities USA Inc. and Natixis Securities Americas LLC are joint global coordinators and bookrunners for the Rule 144A and Regulation S offering.

Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ING Financial Markets LLC, RBI, Santander Investment Securities Inc., SMBC Nikko Securities America Inc., Standard Chartered Bank and UniCredit Capital Markets LLC are also joint bookrunners.

Proceeds, together with a concurrent €900 million seven-year term loan B, will be used to fund the acquisition of Synlab AG by Cinven for €10 per share and to repay an existing term loan A due 2026.

Synlab is a Munich-based medical diagnostics services provider.

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