Tue 11/22/2022 05:41 AM
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French in-vitro diagnostics company Sebia is offering lenders a margin uplift to Euribor/SOFR+ 450-475 bps with a 97-98 OID to term out its €890 million and $225 million first-lien term loans maturing in December 2024 by three years to December 2027, sources said. The euro tranche originally priced at E+ 350 bps, while the dollar piece came at LIBOR +325 bps.

Sebia is also seeking to increase its €20 million RCF to €100 million to fund potential acquisitions. The group will hold a lender call today.

Sebia generated €395 million of sales pro forma of its acquisition of Zeus Scientific for the 12 months ended September 2022, which was 7% ahead of forecasts.

S&P lowered its outlook on Sebia to stable from positive and affirmed its 'B' rating in June, saying that the group’s leverage is likely to remain elevated as a result of its financial policy of paying dividends and making acquisitions. Sebia distributed €35 million in both 2020 and in 2021 to shareholders and will likely continue to pursue M&A to diversify its earnings, the rating agency noted.

Sebia was acquired by CVC Capital Partners Strategic Opportunities and Téthys Invest in 2017 from Astorg and Montagu Private Equity, joining Caisse de dépôt et placement du Québec, or CDPQ, and Sebia management as shareholders.

– Robert Schach
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