Synlab prices Largest post-crisis high-yield FRN

摘要

France's synlab priced a record-breaking €940m floater on Friday, as increased demand from CLOs continues to underpin the market. The medical diagnostics firm originally announced the €940m senior secured deal as split between fixed and floating-rate tranches. But, on Friday, Synlab opted to issue the full amount in FRN, setting price talk at 350bp-375bp over a 0% Euribor floor, at a par issue price. Pricing was then fixed at the tight end, at 350bp over.