By Paul A. Harris
Portland, Ore., July 6 – Grunenthal GmbH priced a €300 million add-on to the Grunenthal Pharma GmbH & Co. KG, Grunenthal Italia Srl and Farmaceutici Formenti SpA 4 1/8% senior secured notes due 2028 at 102 on Tuesday, according to market sources.
Deutsche Bank AG managed the sale.
The Stolberg, Germany-based pharmaceutical company plans to use the proceeds plus cash on hand to repay debt.
| Issuers: | Grunenthal Pharma GmbH & Co. KG, Grunenthal Italia Srl and Farmaceutici Formenti SpA
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| Amount: | €300 million
|
| Maturity: | 2028
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| Security description: | Add-on to 4 1/8% senior secured notes due 2028
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| Manager: | Deutsche Bank AG
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| Coupon: | 4 1/8%
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| Price: | 102
|
| Spread: | 431 bps
|
| Traded date: | July 6
|
| Original issue: | €250 million priced in April 2021
|
| Total issue size: | €550 million
|
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