Global law firm Clifford Chance has advised Ephios Luxembourg S.à r.l., an entity controlled by funds managed and/or advised by Cinven, a leading international private equity firm, on the financing for its public acquisition offer for up to 100% of the outstanding shares of SYNLAB AG.

The financing for the acquisition consists of a €1 billion senior secured term loan facility and €450 million of senior secured notes, as well as the establishment of a €500 million revolving credit facility and a €500 million PIK facility.

SYNLAB is Europe’s leading provider of laboratory diagnostic services. Clifford Chance’s long history advising Cinven and SYNLAB on financing matters has included Cinven’s dual 2015 high yield bond-financed acquisitions of SYNLAB and Labco, multiple term loan and fixed and floating rate high yield bond refinancing transactions including the first ever non-distressed high yield bond for TLB exchange offer in 2020 and SYNLAB’s initial public offering and listing on the Frankfurt Stock Exchange in 2021.

Clifford Chance’s cross-border, multidisciplinary team was led by London-based leveraged finance partners Richard Day and Drew Rundus and involved Clifford Chance’s London, Frankfurt and Luxembourg teams, as well as colleagues in Brussels, Düsseldorf, Milan, Munich, New York, Newcastle and Paris. Key transaction support was provided by senior associates Neil Cavanagh, Silvia Menendez, Phil Houten and Amy Rose, associates Garo Yaghsezian and Daniel Braun, and U.S. law clerk Aritra Saha.

Cinven’s acquisition offer for SYNLAB shares remains subject to customary closing conditions, in particular regulatory clearances.