Cerba HealthCare completes €850M bond and loan package; terms

Cerba HealthCare SAS has priced its €850 million bond and loan package backing the firm's acquisition of Lifebrain, an Italian laboratory operator. The bonds included a €300 million 3.5% tap of the company's secured notes due May 2028 at 99.75, and a €200 million increase of its 5% unsecured notes due May 2029, which priced at 100. Talk was 99.25–99.75 on the secured tranche and 99.50-100 on the unsecured leg.

The €350 million E+375 term loan add-on due June 2028 priced at 99.75 with a 0% floor, from initial guidance of 99.25-99.50. The loan was upsized by €50 million, with additional proceeds to be used to put cash on balance sheet.

Deutsche Bank was lead-left and sole physical bookrunner on the bonds. Goldman Sachs, J.P. Morgan and UBS are physical bookrunners on the loan.

Ratings are B/B2 (issuer), B/B1 (secured) and CCC+/Caa1 (unsecured).

Goldman Sachs, J.P. Morgan and UBS make up the joint lead bookrunner group on the bond package. BNP Paribas, Credit Agricole, HSBC, Mediobanca, Mizuho Securities, Nomura and UniCredit are joint bookrunners.

On the loan, Deutsche Bank, BNP Paribas, Credit Agricole CIB, HSBC, Mediobanca, Mizuho, Nomura and UniCredit are bookrunners.

France-based labs group Cerba operates an international network of medical biology laboratories, providing tests for both the public and private sectors and clinical trials.

Based in Italy, Lifebrain specializes in laboratory medicine for patients, healthcare facilities and businesses, providing clinical laboratory analysis in the fields of clinical chemistry, hematology, immunochemistry, microbiology, molecular biology, cytology and pathology.

Terms: