Latham & Watkins LLP advised Grünenthal GmbH on the offering of a bond in two tranches with a total volume of €650 million. The notes include a tranche of €400 million Senior Secured Notes (3.625% p.a.) due 2026 and a tranche of €250 million Senior Secured Notes (4.125% p.a.) due 2028. The order book for both tranches was significantly oversubscribed.
The Senior Secured Notes are listed on The International Stock Exchange (Official List) and are issued under New York law (144A/Reg S).
Grünenthal, headquartered in Aachen, Germany, is a global leader in pain management and related diseases. The pharmaceutical company has affiliates in 29 countries across Europe, Latin America and the US. In 2020, Grünenthal employed around 4,500 people and achieved sales of €1.3 bn.
Latham & Watkins represented Grünenthal with a team led by Munich partner Rüdiger Malaun and Frankfurt partner Alexander Lentz, with counsel Gregory Walker and associate Peter Neuböck. Advice was also provided on tax matters by Munich partner Stefan Süß and counsel Ulf Kieker.