Felipe Moro

Carey represents Grünenthal in modification of credit agreement

Carey represented Grünenthal and its Chilean subsidiary, Laboratorios Andrómaco, the latter as guarantor, in the amendment of a credit agreement for a revolving credit facility of approx. US $550 million.

The advisory also included a bond issue of approx. US $330 million at 6.75% maturing in 2030, guaranteed by Laboratorios Andrómaco, among other companies of the Grünenthal group.

The bonds were offered outside the United States pursuant to Regulation S under the Securities Act of 1933. In the United States, the bonds were offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.

The transaction took place on 20 March, and involved the jurisdictions of Germany and Chile. Latham & Watkins acted as international advisor to Grünenthal and Laboratarios Andrómaco, while Claro & Cía advised the creditors.

Grünenthal is a leading pharmaceutical company with a presence in 28 countries.

Grünenthal’s team of in-house lawyers included Sebastian Köhler, Sabine König, Megan Renze, Cordula Meckenstock, Daniela Hirsch and Victoria Arellano.

Claro’s team was represented by partner Matías de Marchena and associate Jorge Granic.

Latham Watkins’ team consisted of partners Rüdiger Malaun and Alexander Lentz, together with associate Laura Sophie Neumann.

Carey’s team was led by partner Felipe Moro (pictured), with support from associates Loreto Ribera and Tomás Águila.

L Giselle Estrada