Brookfield Asset Management is asking banks to backstop up to €9.5 billion (US$10.6 billion) of debt for its potential take-private deal for Spanish pharmaceutical producer Grifols SA, according to people with knowledge of the matter.
Eleanor Duncan and Irene García PérezBenjamin Klein, senior portfolio manager at Baskin Wealth Management, joins BNN Bloomberg to discuss his top stocks this Canadian earnings season.
The funds could be needed as the take-private purchase would trigger a clause that allows bondholders to demand the company pay them back at above par — well above where some of its bonds are currently trading. Grifols, a maker of medicines produced with blood-plasma, has been struggling to recover from an attack by short-seller Gotham City Research in January. That sent Grifols’ shares and bonds into a tailspin, and the volatility was compounded over subsequent months by a trickle of bad news, including concerns over cash flow and accounting adjustments on investments in China. The company sought to calm investors by naming new management and removing the family from executive positions.
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