DUBLIN (S&P Global Ratings) July 6, 2021--S&P Global Ratings said today that Germany-based pharmaceutical company Grünenthal Pharma GmbH&Co. KG's (Grünenthal; B+/Positive/--) proposed tap on its existing senior unsecured notes issued by its subsidiary, Grünenthal GmbH, will extend its debt maturity profile further. The tap proceeds, which will likely amount to €300 million split between the two existing notes, will be used to refinance its €300 million acquisition facility B, due October 2024. The refinancing means that Grünenthal will no longer be subject to the maintenance financial covenant it previously had to abide by under the acquisition facility B. After the transaction closes, Grünenthal will not face significant refinancing needs until November 2026, when its first senior unsecured notes
