Clifford Chance advises on SYNLAB's €400 million debt refinancing
20 May 2026
- Drew Rundus, Richard Day, Garo Yaghsezian, Raad Gorji, Tara Kade, Aritra Chamak Saha, Isabelle Woodcock, Carolin Talver, Antonio Arenas Torres, Kenza Yaici, Gunnar Sachs, Stephen Reese, Marlene Kießling, Andrea Andolina, Bastien Pavec
- London, Luxembourg, Frankfurt, Düsseldorf, Paris, Milan, New York
Clifford Chance advises on SYNLAB's €400 million debt refinancing
Global law firm Clifford Chance has advised Ephios Subco 1 S.à r.l., an entity controlled by funds managed and/or advised by Cinven, a leading international private equity firm, on a €400 million debt refinancing transaction for the SYNLAB group.
The transaction involved a €370 million Senior Secured PIK Toggle Notes offering and the incurrence of €30 million of additional amended and repriced debt, the proceeds of which were used to redeem the issuer's existing PIK facility notes.
SYNLAB is a leading provider of clinical laboratory and medical diagnostic services, operating a network of more than 300 laboratories and over 1,800 blood collection points across more than 20 countries. The group benefits from a diversified business model across geographies, customer segments and payers and is backed by Cinven, alongside other key minority shareholders.
Drew Rundus, partner, commented: “We are pleased to have supported Cinven and SYNLAB on this important refinancing, which enhances the group’s capital structure and provides financing flexibility to support its long-term strategy.”
Clifford Chance’s cross-practice team was led by leveraged finance partners Drew Rundus (Capital Markets) and Richard Day (Debt Finance) and involved lawyers from across the firm’s global platform, including London, Luxembourg, Frankfurt, Düsseldorf, Paris, Milan and New York.
The team drew on Clifford Chance’s market-leading leveraged finance and capital markets expertise to deliver the transaction within a complex, multi-jurisdictional financing structure. Key transaction support was provided by senior associates Garo Yaghsezian and Raad Gorji and associates Tara Kade, Aritra Saha, Isabelle Woodcock and Carolin Talver. Luxembourg advice was provided by counsel, Antonio Arenas Torres, associate Kenza Yaici and trainee solicitor Mykyta Prorok. Healthcare sector specialists involved include partners, Gunnar Sachs, Stephen Reese, senior associates, Marlene Kießling, Katrin Schroeder-Finckh, Andrea Andolina and avocat Bastien Pavec.
Clifford Chance has a longstanding relationship advising Cinven and SYNLAB, having advised them on M&A and debt and equity financing matters regularly since 2015.
Press Contact: Emma Cessford
