Grifols reveals talk on $4.8 billion credit facility with launch

By Sara Rosenberg

New York, March 3 - Grifols SA came out with price talk on its $4.8 billion senior credit facility in connection with its bank meeting on Monday, according to market sources.

The $300 million five-year revolver and $700 million six-year term loan A are talked at Libor plus 250 basis points to 275 bps with upfront fees that are dependent on commitment size, and the $3.25 billion seven-year term loan B and $550 million euro equivalent seven-year term loan B are talked at Libor/Euribor plus 300 bps to 325 bps with no Libor floor and an original issue discount of 991/2, sources said.

Both term loan B's have 101 soft call protection for one year, amortization of 1% per annum and a 5 times net leverage ratio to be tested quarterly.

Nomura, Morgan Stanley Senior Funding Inc. (left on U.S. term loan B), BBVA, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are joint lead arrangers and bookrunners on the deal, with Nomura the global coordinator.

Proceeds will be used to refinance existing debt.

Commitments for the term loan B's are due on Thursday and commitments for the revolver and term loan A are due on March 14, sources added.

Grifols is a Barcelona-based pharmaceutical company.

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