Barcelona -- Grifols (MCE: GRF, MCE: GRF.P and NASDAQ: GRFS), a global healthcare company with a track record of more than 100 years dedicated to enhancing people's health and well-being and a leader in plasma medicines, transfusion diagnosis and pharmaceutical specialties for hospital use, has concluded its senior secure debt-refinancing. Initiated on October 28, 2019, the process optimizes the company's debt structure, extends maturities and offers greater flexibility on certain terms.

The debt-refinancing was exceptionally well received in international capital markets, an evidence of the confidence in Grifols' growth strategy and global expansion.

Financial discipline, reducing levels of debt and maintaining a robust liquidity position remain strategic priorities for the company.

According to Alfredo Arroyo, Grifols CFO, "Grifols' solid performance and long-term growth perspectives, coupled with advantageous market conditions, allowed us to finalize the debt-refinancing in record time and achieve far better financial terms. The new structure enables us to optimize exposure to different currencies, mitigate the risk of future interest rate hikes and extend average maturities to more than seven years."

The placement of the senior secured debt had exceptionally well received in international capital markets, exceeding the initial financial conditions; a fact that allowed to improve the average cost of debt to 2.80%. The margin was reduced by 80 bps.

Grifols will record a positive net impact on its Financial Result of approximately EUR 50 million in the fourth quarter of 2019, resulting primarily from the application of IFRS 9 "Financial Instruments".

The total amount of debt subject to this process stands about EUR 5,800 million. This new financing includes long-term syndicated financing with institutional investors with a Term Loan B (LTB) for USD 2,500 million and EUR 1,360 million, and the issuance of corporate bonds in euros for EUR 905 million maturing in 2025 and EUR 770 million maturing in 2027 (Senior Secured Notes). In addition, the undrawn multi-currency revolving credit facility, syndicated by banks, was expanded by USD 500 million.

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(C) 2019 M2 COMMUNICATIONS, source M2 PressWIRE