Milbank LLP advised the financing sources in connection with the amendment, partial extension and upsizing of Grifols S.A.’s (MCE: GRF, MCE: GRF.P, NASDAQ: GRFS) (“Grifols”) existing revolving credit facility through May 2027. Grifols is a global healthcare company and leading manufacturer of plasma-derived medicines.
In connection with the transaction, Grifols privately placed EUR 1.3 billion of 7.125% senior secured notes due May 3030, the proceeds of which were used together with cash on hand to redeem the EUR 343 million aggregate principal amount outstanding of its senior notes due February 2025 and clean down the outstanding amount due under the revolving credit facility.
In a December 11, 2024 press release, Grifols noted that “[t]hese transactions will conclude Grifols’ actions to significantly delever, proactively manage all its maturities, strengthen its liquidity, while staying resolutely focused on its inspiring mission of improving patients’ lives globally and serving donors.”
The Milbank team was led by New York-based Global Leveraged Finance partners Marcus Dougherty and Meir Hornung, with assistance from associates Mitch Cooper, Ian Tomesch and Andrew Mavers. Frankfurt-based Global Leveraged Finance partner Thomas Ingenhoven, special counsel Gerrit Merkel and associates Miriam Arimond and Adrian Müller-Achenbach also assisted on the transaction. Milbank also advised the banks and investors in connection with the EUR 1.3 billion private placement.
