Grifols talks $1 billion eight-year notes to yield in 5¼% area, pricing expected Wednesday

By Paul A. Harris

Portland, Ore., March 4 - Grifols Worldwide Operations Ltd. talked its $1 billion offering of eight-year notes (B1/B+/) with a yield in the 5¼% area, a market source said on Tuesday.

The deal is expected to price on Wednesday afternoon.

Nomura, Morgan Stanley, BBVA, Deutsche Bank and HSBC are the joint bookrunners for the Rule 144A with registration rights offering.

The notes come with three years of call protection.

The Barcelona-based pharmaceutical company plans to use the proceeds to refinance debt.

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