Grifols trims U.S. term loan B to $2.5 billion, modifies OID to 99.75

By Sara Rosenberg

New York, Nov. 7 – Grifols downsized its U.S. eight-year covenant-lite term loan B to $2.5 billion from $3 billion and changed the original issue discount to 99.75 from talk in the range of 99.25 to 99.5, according to a market source.

Pricing on the term loan B remained at Libor plus 200 basis points with a 0% Libor floor.

The term loan has 101 soft call protection for six months.

BofA Securities, Inc., BNP Paribas, HSBC, JPMorgan and BBVA are the bookrunners on the deal.

Proceeds will be used to help refinance existing senior secured debt.

Grifols is a Sant Cugat del Valles, Barcelona-based health care company.

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