Singular Bank: The manufacturer of plasma-derived medicines has informed the CNMV that it plans to sell a package of shares in its Chinese subsidiary Shanghai Raas, in which it is its main shareholder, where it will obtain some $1,500 million. As Grifols had already indicated, an asset sale was necessary to achieve its goal of reducing net financial debt to four times EBITDA by the end of 2024, from the current seven times. In addition, it will improve its rating in order to carry out a better refinancing, as it has a debt maturity of €2,000 million in 2025. In this line, to achieve an increase in margins, it will carry out a savings plan of €450 million, with the dismissal of 2,300 employees (mainly in the USA), and the possibility of business sales. For months now, it has been reorganising its management team, optimising its operations and establishing long-term incentives that should strengthen the alignment of interests between management and shareholders.
Grifols to improve its rating for a better refinancing, as it has a debt maturity of €2,000m in 2025
