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Grifols: New Gotham Report. May-25 Refi Now Covered Anyway

HEALTHCARE

Grifols (GRFSM: Caa1 neg/CCC+/B-) headlines out, Gotham revisiting the “transparency and probity” arguments – what’s key is that the recent private credit deal has covered the May-25 refinancing event in any case, in our view.


*SHORT SELLER GOTHAM ISSUES NEW REPORT ON GRIFOLS

*GRIFOLS IS `MOST LIKELY' SOURCE OF FUNDING OF BPC LOAN: GOTHAM

*BPC PAID SCRANTON A DIVIDEND BY WRITING OFF LOANS, GOTHAM SAYS


  • We’d make two relatively simple points. Firstly, GRFSM has closed a private debt raising (on 30-Apr) with which it’s committed to repay the May-25 bond (GRFSM 3.2 05/01/25). So, it appears to us the upcoming refi event is now covered.
  • Secondly, it’s been clear for some time that Grifols’ interlocking web of companies, including some related personally to the family, are less than totally transparent. This report appears to simply be revisiting that point alongside an accusation of “total failure of corporate governance” (Gotham 14-May report). We would not comment on that but the company does now have a new CEO and appears to be making moves in the right direction – at least presentationally.
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