by Stephen Carter
Dec 11, 2023 11:31 AM ET
Ephios Subco 3 Sarl (Synlab AG) (SYABGR) EUR550m 144A/Reg S sr sec notes due 01/31/31 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. B2/B+/B+ (stable/stable/positive). Via DB sole physical books/Barc/BNP/Citi/CA/Mizuho/Natixis jt glocos/GS/HSBC/ING/Raiffessen/Santander/SMBC Nikko/StanChart/UniCredit jt books. No red rights. List TISE. NY law.
Px talk: 8.25% area.
Roadshow 12/07-08 (investor call at 10:30am UKT 12/07). Books close at 10am UKT tomorrow. Pricing tomorrow. UOP: along with EUR900m equivalent sr sec term loan B, EUR500mm directly placed sub PIK notes and EUR40m of cash on hand, to fund the take-private transaction (the acquisition of all publicly remaining shares) of Synlab AG by its controlling shareholder Cinven at EUR10 per share (EUR1.287m tendered shares total value) bringing its ownership stake up to approx 85% from approx 43% (tender offer announced 09/29/23), and to repay its existing EUR535m term loan A due 2026. Biz: leading provider of clinical laboratory and medical diagnostic services in Europe. Equity sponsor: Cinven. HQ: Munich, Germany.