Paris-based team represented lenders and initial purchasers in connection with refinancing of leading private medical laboratory group in France and Belgium.
Biogroup, the leading private medical laboratory services company in France and Belgium, has successfully completed a refinancing of its existing debt. The refinancing comprises a term loan B borrowed under a new senior facilities agreement, the issuance of €800 million in aggregate principal amount of 3.375% senior secured notes due 2028 and the issuance of €250 million in aggregate principal amount of 5.000% senior notes due 2029. The transaction represents the debut issuance of high yield notes by Biogroup.
The new senior facilities agreement consists of a term loan B in an aggregate principal amount of €1,450 million with a seven-year maturity and a revolving credit facility providing for borrowings up to a principal amount of up to €271 million with a 6.5 year maturity.
BNP Paribas, J.P. Morgan and Natixis acted as global active coordinators, mandated lead arrangers and Bookrunners, with several other financial institutions acting as mandated lead arrangers and bookrunners under the senior facilities agreement. In addition, J.P. Morgan acted as sole physical bookunner and J.P. Morgan, BNP Paribas and Natixis acted as global coordinators and joint bookrunners, with several other financial institutions acting as joint bookrunners with respect to the notes offerings.
Latham & Watkins represented the lenders and initial purchasers in the transaction, with a Paris-based team led by finance partner Lionel Dechmann and capital markets partner Thomas Margenet-Baudry, with finance associates Virginie Terzic, Matthieu Herviaux and Anas Benmalek, capital markets counsel Michael Ettannani and capital markets associate Laurie Tomassian.