The Grifols leadership seeks to send a message of confidence after the refinancing of its short-term debt. The CEO of the pharmaceutical company, Nacho Abia, has acquired a package of shares valued at just over 140,000 euros (15,000 shares), according to the registry of the National Securities Market Commission.
The operation was closed the day after announcing the delay of the payment of the bonds that matured in 2025 until the year 2030although at the cost of interests much higher than those subscribed to. Abia bought the company’s securities shortly after starting the day on the Ibex. It did so at a price of 9.38 euros, slightly more expensive than at the beginning of that day’s session. In any case, during the trading session last Friday the shares rose 8.4%.
The operation signed by Abia came moments after it was closed by the pharmaceutical company’s financial director, Rahul Srinivasan. The manager went to the market to obtain a package valued at just over 50,000 euros.
Both leaders, architects of Grifols’ latest movements, thus convey their confidence in the company’s future.. After Brookfield’s refusal to take over 70% of the company for 6,450 million euros and fix the company’s horizon, the Board of Directors’ refusal led to refinancing movements to pay for upcoming maturities.
In any case, what Grifols has achieved is to buy time, but we will have to wait for the evolution of its cash flows to gauge whether it is capable of meeting the cost of the debt. After the takeover failed, the market suggests that Grifols will need some type of extra economic injection, beyond what it generates with its business. One of the options he has in his hand is a capital increase, but the current CEO of the company, Nacho Abia, has denied this option. It can also delve into divestments with its diagnostic unit, a fact that has already been contemplated. Its value is estimated at 1.5 billion. Finally, the interest of a new investor could also come.
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