Houlihan Lokey Advises Grünenthal (2)

Houlihan Lokey is pleased to announce that Grünenthal GmbH has successfully completed a €1.05 billion refinancing of bank term and revolving credit facilities by way of two inaugural 5.5-year and 7-year bonds and a new 5-year revolving credit facility. Ratings on the bonds are B1 (Moody’s), B+ (S&P), and BB+ (Fitch).

Grünenthal is a global leader in pain management and related diseases. As a science-based, fully integrated pharmaceutical company, Grünenthal has a long track record of bringing innovative treatments and state-of-the-art technologies to patients worldwide. The company’s purpose is to change lives for the better—and innovation is its passion. Grünenthal focuses all of its activities and efforts on working towards its vision of a world free of pain. Grünenthal is headquartered in Aachen, Germany, and has affiliates in 29 countries across Europe, Latin America, and the United States. The company’s products are available in roughly 100 countries. In 2020, Grünenthal employed around 4,500 people and achieved net revenues and pro forma adjusted EBITDA of approximately €1.3 billion and €409 million, respectively.

Due to strong investor demand, the original 5.5-year offer size was retranched into 5.5-year and 7-year maturities and increased from €500 million to €650 million. Proceeds have been used to repay debt and for general corporate purposes. The notes were offered outside of the United States in reliance on Regulation S under the Securities Act of 1933 (Securities Act), as amended. In the United States, the notes were offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.

The additional financing will further optimise Grünenthal’s capital structure and support its growth strategy.

Houlihan Lokey served as the exclusive financing advisor to Grünenthal on this transaction.