BRIEF—Almirall successfully prices 250 million-euro offering

Spain’s leading drugmaker Almirall has successfully concluded the pricing of its 250 million-euro ($2984 million) in aggregate principal amount of senior unsecured bonds due 2021 conditionally convertible into or exchangeable for new and/or existing ordinary shares of the company.

The company intends to execute this bond financing together with an equity neutral strategy in order to minimize potential dilution of current shareholders.

Almirall intends to use the net proceeds from the offering, together with the proceeds from a new 150 million euros (bullet 5 years) senior unsecured Club Bank Deal syndicated loan led by BBVA, to repay in full its 400 million-euro bridge loan incurred for the acquisition of a portfolio of five products from Allergan's Medical Dermatology unit in the USA announced on September 21, 2018.

The company is rated BB- (Outlook Stable) by S&P and Ba3 (Outlook Stable) by Moody's. The bonds are rated BB- by S&P.