Synlab boosts bonds after lacklustre loan swap

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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 ...

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