September 12, 2013 - Assignment

Unilabs issues EUR 685,000,000 high yield secured notes and EUR 125,000,000 super senior revolving credit facility

On 17 July 2013 Unilabs successfully issued five year EUR 355 million senior secured notes carrying an 8.5 per cent fixed coupon, five year Euro 130 million senior secured floating rate notes and six year Euro 200 million second lien PIK toggle notes carrying a 12.0/13.0 percent coupon, in addition to a EUR 125 million super senior revolving credit facility entered into on 12 July 2013.

The net proceeds from the notes issue were used to refinance senior, mezzanine and PIK facilities which funded Unilabs’ acquisition of Capio Diagnostics in 2008. The super senior revolving credit facility will be used for acquisitions and general corporate purposes of the group.

Unilabs is a leading European medical diagnostics company and supplier of laboratory and medical imaging services to private and public health care providers, government bodies, insurance companies, the general public and to parts of the pharmaceutical industry. Unilabs operates in eleven countries in Europe. Unilabs is owned by funds advised by private-equity firms Apax Partners LLP, Apax Partners SA and Nordic Capital.

Unilabs were advised as to matters of Swedish law by Mannheimer Swartling. Olof Stenström headed up the firm’s debt capital markets team while Daniel Karlsson lead the banking team supported by Emma Nilsson and David Tayler, respectively, together with corporate input from Emelie Thor.