Synlab flexes but angst in store for lev loans under €400m
Synlab, the French clinical services provider, achieved tight pricing on Tuesday for its leveraged loan. That bodes well for a September deal pipeline that has swelled to over €5bn. But bankers cautioned small deals may still have to fight for investor attention against large offerings like Stada’s €2bn loan.
Synlab was offering a €300m five year term loan with a margin of 325bp over Euribor, an 0% floor and a 99.5-100 original issue discount.
But after its lender meeting on September 5, guidance tightened to a 300bp spread. On Monday evening, lead arrangers and bookrunners
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