Grifols (GRFSM; Caa1 neg/CCC+ neg/B neg) has closed its private debt deal with Apollo to refi the ’25 bond. This deal was first reported on 15-Apr. Prior to this, mgmt had been indicated the sale of its stake in S-RAAS would refinance the ’25 bond but at least this gives some stability to the unsecured credit stack.

• GRF has raised EUR1bn of 7.5% senior secured notes due May-2030, priced at 98.5% of the principal, an implied yield of 7.61%.
• This is being used to refinance the May-25 bond (GRFSM 3.2 05/01/25) which streaming with a yield of 8.03%.
• GRF has previously indicated this would be refinanced by the sale of its stake in S-RAAS to Haier Group but the deal’s closure appears to be moving relatively slowly.