Grifols Lines Up $4B Debt For Talecris Buy-Sources

10th Jun 2010 12:25

By Carol Dean Of Dow Jones Newswires LONDON (Dow Jones)--Spanish healthcare company Grifols SA (GRF.MC) has lined up $4 billion of debt financing to back its acquisition of U.S. company, Talecris Biotherapeutics Holdings Corp. (TLCR), people familiar with the situation said Thursday. The debt financing is being primarily arranged in the U.S. and will be structured partly as a term loan and partly refinanced in the high yield bond market, they said. Earlier this week, Grifols said in a statement it had hired BNP Paribas, BBVA, Deutsche Bank, HSBC, Morgan Stanley and Nomura to arrange the financing. Grifols said Monday it has reached an agreement to buy Talecris for $3.4 billion in a deal that would make it the world's third-largest plasma-products manufacturer behind Baxter International Inc.(BAX) and CSL Ltd. The total implied offer value for Talecris is $3.4 billion and the resulting transaction value, including net debt, is approximately $4 billion, the company said. Grifols said it will pay $19 cash and 0.641 newly issued, non-voting shares for each share of Talecris, which is 49% owned by private equity firm Cerberus Capital Management LP. The offer is worth a total of $26 a share, a 53% premium to Talecris' average share price over the last 30 days. Standard & Poor's Corp. placed Talecris' BB senior unsecured debt ratings on creditwatch negative Tuesday following the takeover announcement. Grifols is unrated. By Carol Dean, Dow Jones Newswires; 44 20 7842 9306 [email protected] (END) Dow Jones Newswires June 10, 2010 07:25 ET (11:25 GMT)