S&P assigns BB to Grifols notes

S&P said it assigned its BB issue rating and 3 recovery rating to the proposed $6.3 billion senior secured notes to be issued by Grifols Worldwide Operations Ltd. and Grifols Worldwide Operations USA Inc.

The 3 recovery rating reflects expectations of meaningful recovery (in the higher half of the 50%-70% range) in the event of default.

At the same time, the agency affirmed its B+ issue rating and 6 recovery rating on the existing $1 billion senior unsecured notes issued by Grifols Worldwide Operations. The recovery rating remains at 6, indicating an expectation of negligible (0%-10%) recovery in the event of a payment default.

S&P said the BB issue rating and 3 recovery rating on the proposed senior secured notes are supported by a comprehensive security package but constrained by the significant amount of senior secured debt in the capital structure. Both Grifols Worldwide Operations and its subsidiary Grifols Worldwide Operations USA will act as co-borrowers under the senior secured credit facilities.

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