Grifols closes its macro bond issue. The Spanish pharmaceutical company announced on Wednesday, October 6th, that it has completed its $2.3 billion (€2 billion) senior unsecured bond issue, according to a statement sent by the company to the Spanish Securities and Exchange Commission (CNMV).
This issue matures in 2028 and serves to finance the investment in the German company Biotest. The issue has been divided into two tranches: the first for $1.6 billion (€1.4 billion) and a coupon of 3.875%, and a tranche in dollars, equivalent to $693 million (€600 million) and a coupon of 4.75%.
The bond proceeds will be used to finance the $1.3 billion (€1.1 billion) purchase of the entire share capital of Tiancheng Pharmaceutical Holdings, which in turn owns 89.8% of the ordinary shares and 1.08% of the preferred shares of Biotest.
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The Grifols bond issue matures in 2028 and will be used to finance the purchase of Biotest
The proceeds from the bonds will also be used to finance the voluntary public tender offer for the remaining ordinary and preferred shares of Biotest not held by Tiancheng.
The issue, which began on September 27th, 2021, was closed in record time “given the good acceptance it has had among financial investors, who understand and value positively the unique and transformational opportunity that the investment in Biotest represents for Grifols,” according to the company.
Grifols’ chief financial officer, Alfredo Arroyo, explained that “demand was seven times the amount issued in dollars and nearly twice the amount issued in euros, which has allowed the effective price of the issue to improve to 3.9%”.
Grifols has four divisions, bioscience, diagnostic, hospital, and bio supplies, which develop, produce and market innovative solutions and services in more than 100 countries. The group is one of the largest plasma companies, with a growing network of donation centers around the world. With the plasma obtained, Grifols produces medicines to treat chronic, rare, and sometimes very serious diseases.
In 2020, Grifols’ total economic impact in the main countries where it operates was estimated at $8.7 billion (€7.5 billion), and 140,000 jobs were generated, including direct, indirect, and induced employment.
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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