Grifols announced today that it is planning to refinance its debt maturing in 2025 by issuing senior secured debt. The Catalan company currently faces nearly 2.8 billion euros in bonds and bank debt, with a significant portion of this amount due to mature in the coming years. In February of next year, Grifols must repay over 830 million euros for a bond issued in 2019, and in May, it must repay another 1,000 million euros to its creditors, in addition to around 900 million euros of bank debt.
Despite these financial challenges, Grifols reiterated its commitment to addressing its debt obligations and strategic initiatives to strengthen its position in the market. One such initiative is the sale of 20% of its stake in SRAAS to the Haier Group for 1.8 billion dollars as part of a strategic agreement. The transaction is expected to be completed before the end of June, with the proceeds used to repay debt.
Grifols’ shares rose over 2% in the session to over 9.6 euros, marking the highest level in the last month. This increase reflects investor confidence in the company’s ability to manage its financial obligations and continue executing on its strategic initiatives. At the end of 2023, Grifols’ net financial debt exceeded 10,500 million euros, with a leverage ratio increasing from 6.3 times to 8.4 times due to the accounting of debt rents. However, with this announcement today about refinancing some of their debts and selling stake from SRAAS , investors are showing confidence that Grifols will be able to manage their debts more effectively going forward.
