Grifols A clears up the big doubt that the market had after the Brokkfield fund’s refusal to present an offer for the Catalan company. We talked about the two debt maturities that it had for 2025.
And the blood products company has just completed the process of improving its balance sheet. And he does it hand in hand in agreement to perform a private placement of covered bonds (Senior Secured Notes) of 1,300 million euros maturing in May 2030, an annual coupon of 7.125% and issuance at par.
In parallel, Grifols has also signed an agreement to extend its current multi-currency revolving credit facility (RCF) until May 2027.
That is to say, the delay of maturities will only present, on the horizon, payment compliances that will not occur until 2027. If not, the two maturities that most worried the market now will be extended: 500 million euros in February 2025, in an issue of secured bonds and 1,000 million more in November from a working capital line of credit.
All of this is extinguished after this refinancing signed now, therefore once the two operations that it now announces are closed, Grifols’ liquidity position will improve significantly, increasing by around 1,000 million euros to reach 1,700 million euros pro forma starting in the third quarter. of 2024.
Both transactions are subject to customary closing conditions. The company estimates that they will close around as of December 19, 2024.
These transactions will conclude Grifols’ actions to significantly reduce its leverage, proactively manage all its maturities, strengthen your liquidity and, at the same time, maintain focus on its mission to improve the lives of patients around the world and serve donors.