Bankers gear up for Labco auction, bonds likely

23 Aug 2012

Leveraged finance bankers are preparing for the imminent auction of 3i’s French laboratory business Labco, with potential new owners likely to take an add-on acquisition strategy financed with high yield bonds.

Rothschild and UBS have been mandated as sell-side advisers to the company, which has just completed vendor due diligence.

3i acquired Labco using €300m of leveraged loans in 2008, but refinanced the debt with a €500m high yield bond and €125m revolver in January 2011. Shortly after the deal, ...

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