Grünenthal successfully places new 300 million-euro bond

German family-owned drugmaker Grünenthal says it has successfully placed its 300 million-euro ($329 million) aggregate principal amount of 6.75% senior secured notes due 2030.

The company will use the proceeds mainly to refinance its 200 million-euro loan facility established in 2022 to partially fund the acquisition of Nebido, a treatment of male hypogonadism from Bayer (BAYN: DE), and refinance its 75 million-euro promissory notes.

“This transaction is another important step in our strategy and vision of a World Free of Pain,” says Gabriel Baertschi, chief executive of Grünenthal, adding: “We have successfully seized growth opportunities through M&A activities in recent years, and, with the additional financial flexibility, we are better positioned to enter the next phase of our growth trajectory.”