Grifols comment

It appears that Brookfield are getting closer to securing financing for their take-private bid, with bonds trading up this morning.  It is reported that banks are close to presenting final proposals with a bank group likely to be appointed by the end of the month.  This has been a very long drawn-out process with banks and Brookfield having several iterations on arranging bank financing.  Any take-private will be positive for existing bonds as they benefit from a change of control clause.  The issue will remain how much of a discount Brookfield will seek between the two classes of shares.