Commentary & Deal Flow

SYNLAB Bondco PLC EUR850m (up from EUR400m) 144A/Reg S sr sec FRN due July 01, 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. Price talk 3mE+475bp at 99.00 OID. Upsize will be used to redeem its sr sec FRN due 2022, and pay fees and expenses.

Final terms: EUR850m, 3mE+475bp at 99.00.

Did investor call 10:30am UKT yesterday. Books now close at 3:45pm UKT today (originally closing at noon UKT today). Pricing today UK afternoon.

TLB A&E/FRN exchange results:

Final TLB1 amount extended: EUR374,033,947.

Final sr sec FRN exchanged: EUR92,865,000.

Final TLB3 due 2024 size: EUR467,836,885.

TLB3 pricing: E+400/0%/99.

UOP: redeem EUR850m (up from $400m) of its EUR940m 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 term loan B3 due July 2024, EUR374,033,947 extended, final pricing E+400bp, 0% floor, at 99.00 (vs price talk: E+400-425 (0% floor), 99.00-99.50 OID). Partially exchanging (EUR92,865,00 exchanged vs EUR250m expected) of its existing EUR940m sr sec FRN due July 1, 2022 for new TLB3; redeeming EUR850m of its EUR940m sr sec FRN due July 1, 2022 on May 19 at 100, plus AI. With EUR99,865,000 of the notes exchanged and EUR850m of the notes redeemed, none of the EUR940m sr sec FRN due 2022 will remain outstanding after completion of the refi. Also amend and extend of its revolver to July 2013. A&E/Exchange timing: Lender call Tues May 5, A&E pricing terms/exchange ratio around Thurs May 07, A&E/bond exchange deadline Mon May 11, A&E pricing and allocation/bond exchange results Tues May 12. A&E books: MS/SG/DB; FRN exchange dealer managers: GS lead/DB/MS. Biz: provides clinical laboratory and medical diagnostic services. Equity sponsor: Cinven. HQ: Munich, Germany.