Grifols sets talk in $1.25 billion equivalent two-part offering of euro-denominated notes

By Paul A. Harris

Portland, Ore., Nov. 7 – Grifols circulated price talk in its $1.25 billion equivalent two-part offering of euro-denominated senior secured notes, according to market sources.

The short maturity tranche features 5.25-year notes that come with two years of call protection, talked to yield in the 1¾% area.

The long tranche features eight-year notes that come with three years of call protection, talked in the 2 3/8% area.

Tranche sizes remain to be determined.

BofA Securities has the lead in the notes offering.

The Sant Cugat del Valles, Barcelona-based health care company plans to use the proceeds to repay debt.

Grifols is also in the leverage markets with $4.6 billion equivalent of term loans.

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