Commentary & Deal Flow

+++Corrects headline to reflect the deal has priced (not price talk)+++

Priced: 9.25% (10% if PIK) at 100
Spread: +640bp vs DBR 0% 15-Feb-32

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)
• Use Of Proceeds: along with EUR30m PIK loan and EUR23m cash on hand to repay EUR400m PIK notes.
• Deal Size: €370m
• Corporate Ratings: B2/B/B (S/S/S) (Moody's/S&P/Fitch)
• Issue Ratings: Caa1/CCC+/CCC+ (Moody's/S&P/Fitch)
• Settlement Date: 20-May-26 (T+5)
• Maturity: 15-Jan-32 (5.5y)
• Call Protection: NC1 (15-May-27). Optional Redemption non-callable for 1 year until 15-May-27 (MWC B+50). Commencing on 15-May-27: 101. Commencing on 15-May-28 and thereafter: 100.
• Equity Claw: up to 40% at 109.25 (Par + coupon) during NC period
• CoC: 101
• Cash Coupon: 9.25%
• PIK Coupon: 10.00%
• Issue Price: 100
• Yield to Maturity (Cash): 9.25%
• Interest Payment Dates: Semi-annually in arrear on 15-May and 15-Nov of each year, beginning on 15-Nov-26
• Format: Reg S / 144A, no reg rights
• ISINs:
• • Reg S: XS3382638131
  • 144A: XS3382644022
• Common Codes:
• • Reg S: 338263813
  • 144A: 338264402
• Denominations: €100k x €1k
• Governing Law: New York
• Delivery: Euroclear / Clearstream
• Listing: Application will be made to the Official List of The International Stock Exchange
• 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
• Timing: Books closed 3:30pm UKT 13-May.
• Time of Execution: 13-May, 4:50pm UKT
• Free to Trade: 14-May, 7:30am UKT
• Joint Global Coordinators & Physical Bookrunners: Citi (B&D), DB
• Joint Bookrunners: Barclays, BNP, Credit Agricole, Goldman Sachs, HSBC, Mizuho, Natixis, RBI, Santander, SMBC, Unicredit
• 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