Biogroup wraps €350M tap of secured notes due 2028

Biogroup priced a €350 million tap of its outstanding 3.375% secured notes due February 2028 at a cash price of 98.5001 via joint global coordinators and physical bookrunners BNP Paribas and Natixis (B&D).

JP Morgan was a joint global coordinator and joint bookrunner. Citigroup, Crédit Agricole CIB, Goldman Sachs, HSBC and Morgan Stanley were joint bookrunners.

Initial pricing thoughts were given at 98-98.5. Ratings are at B/B2/B+. Holding company CAB is the issuing entity.

Proceeds from the offering will be used to fund the acquisition of laboratory group Medilys and the acquisition of 89% of LLR Belgique's shares, as well as to refinance debt related to both companies. The 3.375% notes are callable on Feb. 1, 2024, at 101.688.

The company is a France-based independent laboratory group providing testing services at 742 sites across France and Flanders.

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