Spain's Grifols signs 350 mln euro syndicated loan
MADRID, May 26 (Reuters) - Spanish pharmaceutical company Grifols (GRLS.MC) said on Monday it had signed a five-year syndicated loan deal for 350 million euros ($550 million).
The loan, arranged by Spain's second largest bank BBVA (BBVA.MC), is structured in two parts -- a loan for 200 million euros, payable in euros and with two years' grace, and a second revolving credit worth 150 million available in either euros or US dollars.
In a statement, Grifols -- specialists in the development of plasma derivatives used in blood transfusions -- said the loan had attracted an initial subscription of 650 million euros "despite the adverse circumstances which the financial markets in general are currently experiencing".
The loan is being offered by the following groups: BBVA, Banesto (BTO.MC), Barclays (BARC.L), Calyon (CAGR.PA), HSBC (HSBA.L), Institut Catala de Finances, ICO, KBC (KBC.BR), Lloyds (LLOY.L), Natixis (CNAT.PA), Santander (SAN.MC), Royal Bank of Scotland (RBS.L), Banca March, Banco Sabadell (SABE.MC), Banco Guipuzcoano (GUI.MC), BNP Paribas (BNPP.PA), Caixa Catalunya, Caixanova, Caja Madrid, CajAstur, Commerzbank, Fortis (FOR.AS), Rabobank International [REBN.UL] and Unicredit Banca di Roma (CRDI.MI).
The group said the financing would be used to pay off the remaining debt on a syndicated loan signed in 2005 for 225 million euros, to refinance short-term dollar credits and to partially finance its investment plan costing 400 million euros up to 2012.
Grifol's investment plan is aimed at increasing the production capacity of plasma and derivatives at its sites in Barcelona and Los Angeles. (Reporting by Sarah Morris; editing by Elaine Hardcastle)
