Grünenthal Announces €500 Million Bond Pricing

Grünenthal GmbH, based in Aachen, Germany, has set the pricing for its €500 million senior secured notes, with a fixed interest rate of 4.625% due in 2031. The notes will be issued at full value and offered mainly outside the U.S., utilizing Regulation S under the Securities Act of 1933. Institutional buyers in the U.S. may also purchase the notes under Rule 144A.

The notes have been rated 'BB+' by Fitch Ratings, 'BB-' by Standard & Poor’s, and 'B1' by Moody's. The proceeds will assist in refinancing Grünenthal's €100 million revolving credit facility and repurchasing notes due in 2026.

This move follows Grünenthal's recent extension and increase of its €600 million revolving credit facility. The bond offering is expected to conclude on December 6, 2024.