Commentary & Deal Flow

Price Talk: 5.5yr: 9.25-9.50%

IPTs: 5.5yr: Mid 9%s

• Issuer: Ephios Subco1 S.à r.l.
• Company: Synlab
• Ticker: SYABEP
• Business: leading provider of clinical laboratory and medical diagnostic services in Europe. HQ: Munich, Germany.
• Equity sponsor: Cinven (43.7%), Elliot is a new minority shareholder (25%), labcorp (15%), QIA (11.9%)
• Issue: HoldCo Senior Secured PIK Toggle Notes (PIYC)
• Corporate Ratings: B2/B/B (S/S/S) (Moody's/S&P/Fitch)
• Issue Ratings: Caa1/CCC+/CCC+ (Moody's/S&P/Fitch)
• Size: €370m
• Maturity: 15-Jan-32 (5.5-years)
• Call Protection: NC1 (101, Par), MWC B+50bp
• Equity Claw: up to 40% at Par + coupon during NC period
• PIK Interest Rate: 75 basis points higher than the cash interest rate per annum
• Use Of Proceeds: along with EUR30m PIK loan and EUR23m cash on hand to repay EUR400m PIK notes
• Listing: Application will be made to the Official List of The International Stock Exchange
• Format: Reg S / 144A, no reg rights.
• Governing Law: New York
• Minimum Denomination: €100k x €1
• Joint Global Coordinators & Physical Bookrunners: Citi (B&D), DB
• Joint Bookrunners: Barclays, BNP, Credit Agricole, Goldman Sachs, HSBC, Mizuho, Natixis, RBI, Santander, SMBC, Unicredit
• Marketing:
• • Global Investor Call: 3:30pm UKT today, 11-May
  • Small Group Meetings: 12-13-May (virtual)
• NetRoadshow Registration: https://www.netroadshow.com/events/login/1PeTHmohYCt9ZcSiGRsyEzsrVKZmyqXOPFPQh
• Roadshow Slides Link: www.netroadshow.com/nrs/home/#!/?show=7f1fc62e, Entry code: SYNLAB2026
• Investor call replay: https://www.netroadshow.com/events/login/1PeTHmohYCt9ZcSiGRsyEzsrVKZmyqXOPFPQh
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPS / UK PRIIPS Key Information Document (KID) or CCI product summary has been prepared as not available to retail in EEA or the UK
• Timing: Books close 3:30pm UKT 13-May. Pricing 13-May UK afternoon