New Issue: Grifols prices $1 billion eight-year senior notes at par to yield 5¼%

By Paul A. Harris

Portland, Ore., March 5 - Grifols Worldwide Operations Ltd. priced a $1 billion issue of eight-year senior notes (B1/B+/) at par to yield 5¼% on Wednesday, according to a syndicate source.

The yield printed on top of yield talk.

Joint physical bookrunner Nomura will bill and deliver. Morgan Stanley was also a joint physical bookrunner. BBVA, Deutsche Bank and HSBC were also bookrunners.

The Barcelona-based pharmaceutical company plans to use the proceeds to refinance debt.

Issuer:	Grifols Worldwide Operations Ltd.
Amount:	$1 billion
Maturity:	April 1, 2022
Securities:	Senior notes
Joint physical bookrunners:	Nomura (bill and deliver), Morgan Stanley & Co.
Bookrunners:	BBVA, Deutsche Bank Securities Inc., HSBC Securities
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Spread:	288 bps
First call:	April 1, 2017 at 103.938
Trade date:	March 5
Settlement date:	March 12
Ratings:	Moody's: B1
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5¼% area
Marketing:	Roadshow

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