Synlab readies launch of €900 million term loan B for Monday

By Sara Rosenberg

New York, Dec. 1 – Synlab AG (Ephios Subco 3 Sarl) is set to hold a lender call at 5:15 a.m. ET on Monday to launch a €900 million seven-year term loan B, according to a market source.

Barclays, BNP Paribas, Credit Agricole, Citigroup Global Markets Inc., Mizuho and Natixis are the joint bookrunners on the deal. Deutsche Bank Securities Inc., Santander, Goldman Sachs, HSBC, ING, RBI, Standard Chartered, SMBC and UCI are passive bookrunners. Natixis is the agent.

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are B2/B+/B+.

Commitments are due at 7 a.m. ET on Dec. 12, the source added.

Proceeds will be used with €550 million equivalent of other senior secured debt to fund the acquisition of Synlab AG by Cinven for €10 per share and to repay an existing term loan A due 2026.

Synlab is a Munich-based medical diagnostics services provider.

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