By Paul A. Harris
Portland, Ore., Sept. 28 – Grifols, SA priced approximately €2 billion equivalent of seven-year senior notes (B3/B/B+) in two tranches on Tuesday, according to market sources.
The deal included $705 million of notes that priced at par to yield 4¾%, at the tight end of the 4¾% to 5% yield talk and inside of initial talk in the low-to-mid 5% area.
The offering also included €1.4 of notes that priced at par to yield 3 7/8%, in the middle of the 3¾% to 4% yield talk and tight to initial talk in the 4% area.
BofA was the global coordinator and bookrunner.
The notes were sold via issuer Grifols Escrow Issuer, SAU.
Proceeds will be used to help finance the acquisition of 89.88% of the ordinary shares and 1.08% of the preferred equity shares of Biotest AG from Tiancheng (Germany) Pharmaceutical Holdings, to fund a tender for the remaining ordinary and preferred shares, and for general corporate purposes, which may include debt repayment (possibly including the capped redemption), capital expenditures and working capital.
Grifols is a Barcelona, Spain-based pharmaceutical and chemical manufacturer.
| Issuer: | Grifols Escrow Issuer, SAU
|
| Amount: | Approximately €2 billion equivalent
|
| Maturity: | Oct. 15, 2028
|
| Securities: | Senior notes
|
| Bookrunner: | BofA (global coordinator)
|
| Trade date: | Sept. 28
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Dollar notes
|
| Amount: | $705 million
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 337 bps
|
| First call: | Oct. 15, 2024 at 102.375
|
| Price talk: | 4¾% to 5%
|
|
|
| Euro notes
|
| Amount: | €1.4 billion
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Spread: | 425 bps
|
| First call: | Oct. 15, 2024 at 101.938
|
| Price talk: | 3¾% to 4%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
