By Paul A. Harris
Portland, Ore., Nov. 8 – Grifols SA priced an upsized €1,675,000,000 of senior secured notes (expected ratings Ba2/BB+) in two tranches on Friday, according to market sources.
The shorter duration tranche came as €905 million of 5.25-year notes that priced at par to yield 1 5/8%. The yield printed at the tight end of yield talk in the 1¾% area.
The long tranche came as €770 million of eight-year notes that priced at par to yield 2¼%. The yield printed at the tight end of yield talk in the 2 3/8% area.
The overall bond sale increased to $1.85 billion equivalent from $1.25 billion equivalent. At the same time the term loan size decreased to $2.5 billion from $3 billion.
Active bookrunners were BofA Securities, which will bill and deliver, BNP Paribas and HSBC. Passive bookrunners were BBVA and JPMorgan.
Proceeds will be used to help refinance existing senior secured debt.
Grifols is a Sant Cugat del Valles, Barcelona-based health care company.
| Issuer: | Grifols SA
|
| Amount: | €1,675,000,000
|
| Securities: | Senior secured notes
|
| Bookrunners: | BofA Securities (bill and deliver), BNP Paribas and HSBC
|
| Passive bookrunners: | BBVA and JPMorgan
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 15
|
| Expected ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| 5.25-year notes
|
| Amount: | €905 million
|
| Maturity: | Feb. 15, 2025
|
| Coupon: | 1 5/8%
|
| Price: | Par
|
| Yield: | 1 5/8%
|
| Spread: | 213 bps
|
| Call protection: | Two years
|
| Price talk: | 1¾% area
|
|
|
| Eight-year notes
|
| Amount: | €770 million
|
| Maturity: | Nov. 15, 2027
|
| Coupon: | 2¼%
|
| Price: | Par
|
| Yield: | 2¼%
|
| Spread: | 263 bps
|
| Call protection: | Three years
|
| Price talk: | 2 3/8% area
|
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