FOR IMMEDIATE RELEASE
NEW YORK, February 2014 – International law firm Milbank, Tweed, Hadley & McCloy represented Nomura, Morgan Stanley and Banco Bilbao Vizcaya Argentaria SA as lead arrangers for a senior unsecured bridge loan for Grifols S.A., a multinational public healthcare company, that closed earlier this year. As a leading producer of plasma medicines, Grifols has a presence in more than 100 countries and is the world leader in plasma collection, with 150 plasma donation centers across the US The company is headquartered in Barcelona, Spain and employs more than 11,000 people worldwide. In 2012, Grifols' sales exceeded 2,620 million euros.
The proceeds of the debt financing were used to finance in part Grifols’ acquisition of Novartis Diagnostics, a business unit of the publicly traded Swiss multinational pharmaceutical company, for $1.675 billion.
The acquisition was designed to significantly expand Grifols’ Diagnostic Division especially in the United States, which as a result of the transaction, will have revenues approaching $1 billion or 20% of total group income. Prior to the acquisition, the division was responsible for 4% of income.
The Milbank Global Leveraged Finance team was led by partner Marcus Dougherty and included Sarah Griffin and Laura Larsen. The Securities team was led by partner Peter Schwartz and included Jonathon Jackson and Anna Lumijarvi. Also providing advice on various points in the transaction were: Intellectual Property partner Lawrence Kass, Employee Benefits partner Joel Krasnow and associate Robin Heszkel and Tax partner Andrew Walker and associate Lysondra Ludwig.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for more than 145 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sector expertise and a strong tradition of innovation and client service.
