27 May 2020
- Richard Day, Drew Rundus, Michael Dakin, Taner Hassan, Andrew Kelly, Nicholas Brock, Kelly Frevele
Clifford Chance advises SYNLAB on a multi-facetted transaction, including the largest European high yield deal since COVID-19
International law firm Clifford Chance has advised SYNLAB, the Cinven-backed European laboratory services provider, in relation to a complex extension of loan facilities, floating rate note (FRN) lines into a new Term Loan B (TLB) structure and refinancing of FRNs through an issuance of new FRNs.
The transaction included the largest European high yield deal since the beginning of the COVID-19 crisis, as the FRN issuance was upsized from an initial €400 million to €850 million, and the first ever non-distressed high yield notes for TLB exchange offer.
The transaction was executed in under four weeks with Clifford Chance advising on the amendment and extension of the revolving credit facility by two years, the amendment and extension of the TLB due July 2022, the exchange offer of FRNs due 2022, the issuance of new FRNs due 2025 and the redemption of the FRNs due 2022.
These were the latest in a series of transactions executed for SYNLAB since Cinven took ownership in 2015. Including the original award-winning 2015 acquisition financings of Labco and SYNLAB by Cinven, SYNLAB has accessed the high yield market now on five separate occasions and tapped the Term Loan B market three other times.
The Clifford Chance team was led by partners Michael Dakin, Taner Hassan and Andrew Kelly and included senior associates Richard Day and Drew Rundus.