Freshfields advises the Initial Purchasers on Grünenthal’s dual-tranche high yield bond offering

Global law firm Freshfields has advised the initial purchasers led by BNP Paribas, Deutsche Bank and ING on Grünenthal GmbH’s €850 million high yield bond offering, consisting of €400m 5.375% senior secured notes due 2032 and €450m senior secured floating rate notes due 2032. Grünenthal will use the proceeds from the notes to redeem the majority of its outstanding notes due 2028 and its outstanding 2030 notes in full, as well as to pursue key strategic initiatives.

Grünenthal is a global leader in pain management and related diseases. As a science-based, fully integrated pharmaceutical company, it has a long track record of bringing innovative treatments and state-of-the-art technologies to patients worldwide. Grünenthal has invested around €2.6 billion in successful M&A transactions since 2017, significantly strengthening its profitability and further funding its innovative research pipeline.

The high yield bond offering was led by Partner Simone Bono and Associates Enzo Paganetti and Julius Stecher (all Leveraged Finance, London). Advice on the German security documentation was led by Partner Michael Josenhans, Principal Associate Andreas Thümmler and Associate Valentina Niegisch (all Finance, Frankfurt). German law advice was provided by Partner Dr. Christoph Gleske and Principal Associate Birgit Schulz (both Capital Markets, Frankfurt). Italian law advice was provided by Counsel Toni Marciante (Tax), Associates Costanza Avara and Filippo Sciarrone (all Milan).

US Tax advice was provided by Partner Claude Stansbury and Senior Associate Courtney Canning (both Tax, Washington, D.C.). Regulatory advice on US matters was provided by partner Scott Talmadge and Associate Ali Muffenbier (both Regulatory, New York) and on German law matters by Partner Laura Knoke and Associate Ornella Trost (both Dispute Resolution, Hamburg).