Milbank Represents Lead Arrangers and Bookrunners in $6.3 Billion Financing for Grifols S.A.

International law firm Milbank, Tweed, Hadley & McCloy LLP represented Nomura, Bank of America Merrill Lynch, HSBC and Goldman Sachs as joint lead arrangers and joint bookrunners for a $6.3 billion senior secured credit facility for Spanish pharmaceutical firm Grifols S.A.

The debt was supported by a cross-border guarantee and collateral package. The proceeds of the credit facilities, which include a $3 billion term loan A and a $3 billion term loan B as well as a $300 million multi-currency revolving facility, were used to (i) refinance approximately $4.2 billion of existing loans and (ii) finance the acquisition of Hologic, Inc.’s interest in the research, development and manufacture of assays and instruments based on NAT (Nucleic Acid Testing) technology for transfusion and transplantation screening, which prior to the acquisition was a joint business with Grifols.

As a leading global producer of plasma medicines, Grifols has a presence in more than 100 countries and is the world leader in plasma collection, with more than 160 plasma donation centers across the US. The company is headquartered in Barcelona, Spain and employs more than 14,000 people worldwide. In 2015, Grifols' sales exceeded €3,930 million.

As noted in Grifols’ press release, “[t]he refinancing process has been conducted in record time [and] [t]he excellent acceptance in the international capital markets has enabled the refinancing to be concluded swiftly and with a significant over-subscription, reaffirming investors' confidence in Grifols.”

The Milbank Global Leveraged Finance team was led by partner Marcus Dougherty and included associates Meir S. Hornung, Scott Webster, Zachary Robert Goldberg and Daniel Groh-Wargo.

Also providing advice on various points in the transaction were Tax partner Eschi Rahimi-Laridjani and associate Jules Mugema, Intellectual Property associate Javier Ramos, Employee Benefits associate Kelly Bartley, Real Estate associate Lisa Brabant, Transportation and Space associate Lafayette Greenfield, Capital Markets partner Stuart Morrissy and special counsel Trevor Truman and Alternative Investments Practice partners John Goldfinch and James Warbey.

About Milbank

Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.

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