Bankinter: The company is to issue soon €1.3 billion in Guaranteed Bonds maturing in May 2023 with a coupon of 7.125%. Together with part of the cash (September: €644 million), it will be used to redeem close on €340 million of Senior Secured Bonds maturing in February 2025 with a coupon of 1.625% and to pay off the working capital loan facility maturing in November 2025. It also extends by…
Link Securities | Grifols (GRF) is in negotiations with banks to refinance bonds maturing next year and a credit line, for a combined amount of €1.4 billion, as confirmed by the CEO of the pharmaceutical company, Nacho Abia, in an interview with Bloomberg reported by the digital portal Bolsamania.com. Abia explained that the company’s ‘plan A’ is to obtain a refinancing agreement for the €370 million in bonds maturing in…
The Canadian fund Brookfield has decided to withdraw its interest in a public exclusion offer to acquire Grifols due to disagreements over the price with the board of directors of the Spanish pharmaceutical company, as previously reported by Bloomberg. “After conducting a thorough due diligence and considering the reactions of the Grifols Transaction Committee and the Grifols Board of Directors regarding the potential offer communicated to the market on November…
Santander Credit Research | Grifols (B+ s, B+ s) yesterday informed the CNMV that it has received a non-binding offer from Brookfield that considers a price of €10.50 per class A share and a price of €7.62 per class B share, which would imply valuing Grifols’ equity at €6.5 billion. According to the relevant fact communicated to the CNMV, Brookfield last week sent letters to Grifols’ Transaction Committee, constituted by…
Link Securities | The Canadian private equity fund Brookfield has taken a definitive step to take control of GRIFOLS (GRF) through a takeover bid for 65% of the capital, as reported on Thursday by the newspaper ElConfidencial. According to sources close to the operation, the fund closed with Deutsche Bank and Banco Santander (SAN) the refinancing of the company’s debt of €11,000 million, the largest syndicated loan signed in Spain….
Bankinter | The Brookfield fund has agreed a syndicated loan for €11,000M with Santander and Deutsche Bank to finance Grifols’ €9,850 million of gross financial debt (and €9,200 million of net debt) Analysis team’s opinion: Positive news that improves the prospects for Brookfield to present the takeover bid for Grifols that it has been studying since July. The funds from the syndicated loan will be used to refinance the current…
Banc Sabadell : The Securities and Exchange Commission (American stock market regulator) reportedly concluded its investigation into Grifols (GRF) on 1 October, accepting the company’s explanations and without announcing any sanctions or the opening of any proceedings. We recall that the SEC began its investigation at the beginning of the year as a result of Gotham City Research’s accusations and, among other things, had asked GRF for ‘an accounting analysis…
Bankinter | Brookfield fund has failed to raise the nearly €10,000 million needed to acquire 70% of the company and restructure the debt. This is negative news that casts doubt on whether there will be a takeover bid for Grifols. On 8 July we learned that Brookfield was analysing a takeover bid for Grifols, almost four months have passed since then. At the end of September, the fund asked the…
Bankinter: The fund has sent a letter to the Board asking for an extension to be able to continue analysing this possible offer. Opinion of the analysis team: Negative news. On 8 July we learned that Brookfield was analysing a takeover bid for Grifols. Almost three months have passed since then and, possibly, a deadline agreed between both parties will expire, which justifies the fund’s request for an extension. The…
Bankinter: The National Securities Market Commission (CNMV) has issued a warning to Grifols (GRF), Gotham and the General Industrial Partners (GIP) fund for very serious infringements. In the case of Grifols, according to the CNMV, the group provided information “with inaccurate or untruthful data or which omits relevant aspects in accordance” with accounting standards in the annual reports for 2021, 2022 and 2023, as well as in the accounts for…