Grifols to refinance debt due in 2025 via sales of notes, Shanghai RAAS stake

MADRID (Reuters) - Spanish drug maker Grifols plans to meet its debt payments in 2025 with the proceeds of new senior secured notes and the sale of its 20% stake in Shanghai RAAS to Haier Group, it said on Wednesday.

The company said in a stock market filing it will use the $1.8 billion it expects to raise from the sale of the Shanghai RAAS stake in the first half of this year and the proceeds of the new secured notes to pay unsecured ones due in 2025.

Grifols did not specify the amount due next year.

Since January, the Spanish drug maker's debt sustainability has been questioned by short seller Gotham City Research.

The company reported last week higher leverage ratios than previously specified after the CNMV regulator required it to use a different calculation of its core earnings and debt.

Grifols said its leverage ratio according to profit-and-loss accounting was 8.4 times in 2022 and in 2023, compared to respective ratios of 7.1 and 6.3 times it had earlier reported under its credit agreement.

(Reporting by Charlie Devereux; Editing by Inti Landauro and Jan Harvey)