--- title: "Grifols refinances all 2027 maturities with about €3 billion term loan" url: "https://aibio.space/news/grifols-refinances-all-2027-maturities-about-3-billion-term-loan/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-07-28" section: "Debt Financing" tickers: "BME:GRF" source: "https://www.sec.gov/Archives/edgar/data/1438569/000110465926087634/tm2621481d1_6k.htm" summary: "Grifols says it refinanced all of its 2027 maturities with an upsized Term Loan B of about €3 billion equivalent and lifted its revolving credit commitment" --- By the aibio.space news desk. Sources - [Grifols, S.A. Form 6-K, half-year 2026 results (2026-07-29)](https://www.sec.gov/Archives/edgar/data/1438569/000110465926087634/tm2621481d1_6k.htm) - [Grifols, S.A. 20-F (2026-04-17): business](https://www.sec.gov/Archives/edgar/data/1438569/000110465926044901/grfs-20251231x20f.htm) [GRF](https://aibio.space/companies/grifols-s-a/) 2026-07-28 # Grifols refinances all 2027 maturities with about €3 billion term loan Tickers [GRF](https://aibio.space/companies/grifols-s-a/) Grifols says it refinanced all of its 2027 maturities with an upsized Term Loan B of about €3 billion equivalent and lifted its revolving credit commitment to over $2 billion. Net leverage was 4.2x at the end of June. ## Key facts - **Company**: Grifols, S.A. (BME: GRF) - **News type**: Debt Financing - **Primary source**: [Grifols, S.A. Form 6-K, half-year 2026 results (2026-07-29)](https://www.sec.gov/Archives/edgar/data/1438569/000110465926087634/tm2621481d1_6k.htm) *A trading board being updated by hand. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* Grifols, S.A. said in a half-year 2026 results release dated July 28, 2026 that it had refinanced all of its 2027 debt maturities. The refinancing included an upsized Term Loan B of approximately €3 billion equivalent. The revolving credit facility commitment rose from $938 million to over $2 billion. The company said the new facilities carry improved pricing and extended maturities. ## What the release does not disclose The release gives no interest margin, coupon or maturity date for the new Term Loan B, and no figure for the revolving facility's pricing. The results presentation in the same 6-K puts the term loan at €3.1bn equivalent and the revolver at $2.1bn, alongside a €500m 7.5% bond redemption. It says the refinancing was supported by "strong institutional demand" and broad backing from global financial institutions, but it does not name a single lender, agent or arranger. The filing names no placement agent or advisor for the refinancing. The release says that, together with a previously announced partial redemption of €500 million of its highest-cost 2030 bond, the moves target 2026 cash interest in line with 2025 or better. Grifols says it has no significant debt maturities until the fourth quarter of 2028. ## First-half results Revenue reached €3,574 million in the first half of 2026, up 2.6% at constant currency. The presentation's income statement shows €3,677 million a year earlier and reported revenue down 2.8%. Biopharma grew 5.4% at constant currency. Intravenous immunoglobulin rose 12.5% and subcutaneous immunoglobulin rose 17.7%, while albumin fell 14.2%, which the company ties to lower pricing in China after a price adjustment in mid-2025. Adjusted EBITDA was €854 million, up 2.4% at constant currency, with a margin of 23.9%. Group profit rose 28.7% to €227 million. Free cash flow before acquisitions was €91 million for the half, compared with negative €12 million a year earlier. Leverage is still high. Net leverage ended June at 4.2x, and liquidity was €2,030 million. The company says all three rating agencies acknowledge its "investment grade-like" business characteristics, yet the one rating it quotes, S&P's upgrade of the issuer credit rating by two notches to BB-, carries a stable outlook. The release says Moody's and Fitch also improved the rating or outlook, but it gives no levels for either. ## Business and the pipeline Grifols, founded in 1940 in Barcelona, describes itself as a vertically integrated producer of plasma derivatives. Its 20-F, filed April 17, 2026, says the company believes it ranks among the three largest producers in the industry by total sales. As of December 31, 2025 it had more than 400 operating plasma collection centers across the United States, Germany, Austria, the Czech Republic, Hungary, Canada and Egypt. The company is setting up separate Biopharma organizations for the United States and the rest of the world. The U.S. platform comprises about 280 donation centers and two manufacturing sites. The rest-of-world unit has more than 130 donation centers and five manufacturing sites. In its 20-F, Grifols said it acquired 14 plasma collection centers from ImmunoTek for about $281 million, effective February 3, 2025, after paying $266 million for an earlier 14 in 2024. Its key trial is SPARTA, a Phase 3 study of alpha-1 antitrypsin in emphysema at 60 and 120 mg/kg doses. The company expects the last patient's last visit in August 2026 and top-line results in the late fourth quarter of 2026. The release gives no data from the trial. ## What comes next Top-line SPARTA results are expected in late 2026. The first phase of the Egyptian plasma complex, which the company says will include a processing facility, logistics center and automated testing laboratory, is due to open in October 2026. Grifols also says a 2026 to 2029 growth plan in Egypt, backed by an additional €180 million of investment, aims to reach up to three million liters of annual plasma collection by 2029. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story GRF Grifols, S.A. 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Cite as: aibio.space, "Grifols refinances all 2027 maturities with about €3 billion term loan", 2026-07-28, https://aibio.space/news/grifols-refinances-all-2027-maturities-about-3-billion-term-loan/