Grifols Refinance Scranton’s Oaktree Debt After Bank Rejects

The Grifols family is refinancing nearly $400 million in debt with opportunistic fund Oaktree after a bank rebuff. Specifically, Scranton Plasma, a unit of Scranton Enterprises, one of the investment companies linked to the founding Grifols family, has reached an agreement to refinance its existing debt for three years, Reuters and El Confidencial reported.

Scranton Enterprises B.V.the Grifols family company, has entered into extreme negotiations with the bank to extend the maturity of part of its debt. The company, based in the Netherlands, has submitted a proposal to restructure part of its financial obligations and extend the maturity by five years. On the other hand, key entities in their banking pool, such as BBVA, Sabadell or CaixaBank, have rejected this proposal and asked the Grifols present a new “more realistic” planfinancial sources tell elEconomista.es.

In particular, according to the above-mentioned reports for 2022, signed in March of this year and the latest available, they show that Scranton’s total debt exceeded $1 billion.Of these, long-term debt to banks amounted to 749.29 million, after a reduction of more than 150 million in the previous year. To this is added 128.94 million classified as debt to short-term financial institutions.

Among the credit institutions, in addition to those already mentioned, others, such as Santander or Banca March, as well as international firms such as BNP Paribas. – which he fully repaid in 2022 – In addition, the financial report for the 2022 financial year says. Scranton explains that the loan provided to Bank of America (BofA) totaling 875 million in 2019 expires on July 17.. Here are the previous maturities, which were divided into 5% in 2021; 10% in 2022; 20% in 2023, and the remaining 65% at maturity. The same document indicates that between 2021 and the end of fiscal 2022, Scranton paid just over 328 million.