Latham Advises the Banks on Biogroup’s €3 Billion Refinancing

Latham & Watkins advised the banks in respect of an amend and extend relating to the existing cov-lite TLB facility and revolving facility (together with an increase in commitments relating thereto) of Biogroup, a leading European provider of medical diagnostics services, pursuant to which the group sought consent from its lenders for the extension of the final maturity dates applicable to them. The transaction included the upsize and maturity extension of Biogroup’s TLB facility in an aggregate principal amount of €1,400 million, as well as the establishment of increased and new €280 million revolving facility commitments.

Latham also advised the banks in connection with Biogroup’s successful issuance of €1,300 million senior secured notes due 2031, and the concurrent exchange offers and consent solicitations launched by Biogroup on its outstanding senior secured notes due 2028 and senior notes due 2029.

This landmark refinancing represents one of the largest transactions in the European healthcare sector in recent years.

The Latham team was led from Paris by finance partner Lionel Dechmann and Capital Markets partner Thomas Margenet-Baudry, with finance counsel Virginie Terzic and Capital Markets counsel Michael Ettannani, together with finance associates Lucie Boiteux and Ophélie Emprin, and Capital Markets associate Madeleine Hahn de Bykhovetz.