Shearman & Sterling has advised Labco, one of the leading groups in the European clinical laboratories market, on its offering of €500 million 8½% senior secured high yield bonds and on its €125 million revolving credit facility, which can be increased to €135 million. The proceeds of the offering and of the revolving credit facility will be used by Labco to refinance its existing credit facilities and to finance future acquisitions.

Labco is the market leader in France for routine clinical laboratory testing and in Spain and Portugal for both routine and specialty testing. Labco also has a significant foothold in Germany, Belgium and Italy. It provides its services through a network of over 230 laboratories in six European countries.

The Shearman & Sterling team of lawyers in the firm’s Paris and London offices included capital markets partner Bertrand Sénéchal and finance partners Pierre-Nicolas Ferrand, Clifford Atkins and Mei Lian. They were assisted by associates Cedric Van den Borren, Yumi Paringaux and Regis Henry and trainees Elena Gantzer and Blake Spencer on the capital markets side and Romain Rabillard, Alexae Fournier, Sebastian Cohnen and Vieri Parigi from the finance team. Partner Iain Scoon, counsel Simon Letherman and associates James Leslie, Clara Lim and Anne-Sophie Maes provided tax advice.