Wednesday, September 30, 2026

Grünenthal places €850 million bond financing

Grünenthal has completed a new capital market financing. The Aachen-based pharmaceutical company issued €850 million in senior secured notes maturing in 2032.

The transaction includes two tranches. One consists of €400 million in fixed-rate notes with a coupon of 5.375 percent. The second is a €450 million floating-rate tranche priced at Euribor plus 275 basis points. Both were issued at 100 percent.

Refinancing and strategic flexibility

According to the company, proceeds will mainly be used to redeem most of its outstanding notes due in 2028 and to repay its outstanding 2030 notes in full. Grünenthal also plans to use part of the proceeds for key strategic initiatives. Its outstanding €675 million senior secured notes due in 2031 are not affected by the transaction.

The new notes received ratings of BB+ from Fitch Ratings, BB- from Standard & Poor’s and Ba3 from Moody’s Investors Service.

Financial performance behind the transaction

Grünenthal linked the financing to its recent financial development. Adjusted EBITDA rose from €129 million in 2017 to €500 million in 2025, according to the company. In 2025, operating cash flow increased by 46 percent to €309 million, while net leverage stood at 2.24 times.

The company said organic growth and acquisitions have broadened its portfolio across therapeutic areas and products while supporting improved profitability.

Focus on pain management

Grünenthal focuses on pain management and related diseases. Headquartered in Aachen, Germany, the company employed around 4,100 people in 2025 and generated revenues of €1.8 billion. It has affiliates in 28 countries across Europe, Latin America and the United States, and its products are available in about 100 countries.

With the refinancing, Grünenthal aims to extend its debt maturity profile and create additional financial flexibility for future growth and strategic priorities.