Synlab boosts bonds after lacklustre loan swap

Covid-19 testing_PA_575x375
By Owen Sanderson
13 May 2020

Synlab’s multi-part liability management exercise has ended up leaning more heavily on the bond market than on loans, with the new FRN leg boosted from €400m to €850m, more than compensating for limited take-up from lenders asked to switch into a longer dated loan. But it should be little surprise that the bond went better, as it paid investors an extra 75bp for a near-identical product.

The new five year FRN issue for the German medical laboratory company, led by Deutsche on the left, with Goldman and Morgan Stanley on the right, came at a price of 99 with a coupon of three month Euribor plus 475bp — and was increased in size from ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.