Commentary & Deal Flow

SYNLAB Bondco PLC EUR400m 144A/Reg S sr sec FRN due July 2025 (5y). NC1 (MWC B+50bp) (101, par). Existing sr sec 1st lien ratings B2/B+/B+ (corp ratings B2/B/B+). Via DB (B&D)/GS/MS jt glocos/Barc/BNPP/HSBC/JPM/Natixis/UniCredit joint books. No reg rights. NY law. List Irish Stock Exchange. 100x1. Investor call 10:30am UKT today. Pricing tomorrow. UOP: redeem $400m of its sr sec FRN due July 1, 2022 at par as part of debt refi, that also includes amending and extending its existing EUR450m 1st lien term loan B1 due 07/31/22 into a new EUR450m term loan B3 due July 2024. Partially exchanging (EUR250m expected) its existing EUR940m sr sec FRN due July 1, 2022 for new TLB3; partially redeeming  EUR400m of its EUR940m sr sec FRN due July 1, 2022 on May 19 at 100, plus AI. If EUR250 of the notes are exchanged then EUR290m of the notes will remain outstanding after completion of the refi. Amend and extend its revolver to July 2013. Biz: provides clinical laboratory and medical diagnostic services. Equity sponsor: Cinven. HQ: Munich, Germany.