[6-K] Grifols SA Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Grifols, S.A. has completed a major refinancing of its 2027 debt, replacing existing borrowings with a new Term Loan B package and revolving credit facility. The new structure includes a USD 2.0 billion dollar term loan, a EUR 1.25 billion euro term loan, and a USD 2.065 billion revolving credit facility.

The term loans mature in seven years and the revolver in six and a half years, extending the company’s debt schedule. Pricing is set at SOFR + 250 basis points for the dollar tranche and Euribor + 300 basis points for the euro tranche, with small original issue discounts and leverage-based margin step-downs. Grifols will use the proceeds to repay its 2019 TLB facilities, redeem remaining 2019 notes, and, together with a separate EUR 500 million notes redemption, lower funded gross debt, reduce cash interest costs, and strengthen its balance sheet while maintaining liquidity.

Insights

Credit and capital structure analyst

Grifols refinances 2027 debt, extends maturities and targets lower interest costs.

Grifols has replaced its 2027 debt stack with a new Term Loan B in two currencies and a sizable revolving credit facility. The package totals a USD term loan of USD 2,000,000,000, a euro term loan of EUR 1,250,000,000, and a revolving line of up to USD 2,065,000,000.

The term loans mature in seven years from signing and the revolver in six and a half years, significantly pushing out near-term refinancing pressure. Pricing at SOFR + 250 bps and Euribor + 300 bps with modest original issue discounts, plus leverage-based margin step-downs, indicates an intent to lower average funding costs as leverage improves.

Proceeds will retire the 2019 TLB loans and remaining 2019 notes, and, alongside the previously announced redemption of EUR 500,000,000 of April 2024 notes, are expected to reduce funded gross debt and cash interest while preserving liquidity. Overall, this is a balance-sheet-strengthening move, though the ultimate benefit depends on execution and maintaining leverage within step-down thresholds.

Key Figures

USD term loan principal: USD 2,000,000,000 EUR term loan principal: EUR 1,250,000,000 Revolving credit facility: USD 2,065,000,000 +5 more

8 metrics

USD term loan principal USD 2,000,000,000 Principal amount of new U.S. dollar Term Loan B

EUR term loan principal EUR 1,250,000,000 Principal amount of new euro Term Loan B

Revolving credit facility USD 2,065,000,000 Maximum available amount under new revolver

USD TLB margin SOFR + 250 bps Interest margin on U.S. dollar Term Loan B

EUR TLB margin Euribor + 300 bps Interest margin on euro Term Loan B

USD TLB OID 99.25 Original Issue Discount on U.S. dollar term loan

EUR TLB OID 99.75 Original Issue Discount on euro term loan

April 2024 notes redemption EUR 500,000,000 Aggregate principal amount of existing April 2024 notes redeemed

Key Terms

Term Loan B, revolving credit facility, Secured Overnight Financing Rate, Euribor, +2 more

6 terms

Term Loan B financial

"by means of a credit agreement, in the form of a Term Loan B (“TLB”), structured in three tranches"

A Term Loan B (TLB) is a large, syndicated loan made to a company that is typically sold to institutional investors rather than held by banks; think of it as a long-term mortgage from a group of investors with higher interest and smaller early payments. It matters to investors because it changes a company’s debt cost, repayment schedule and credit risk—factors that affect profit, cash flow and the market value of both the company’s equity and its traded debt.

revolving credit facility financial

"and (iii) a revolving credit facility with a maximum available amount of USD 2,065,000,000"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

Secured Overnight Financing Rate financial

"The U.S. dollar TLB was set at SOFR (Secured Overnight Financing Rate) + 250 basis points"

A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.

Euribor financial

"The euro tranche was set at Euribor + 300 basis points with an OID of 99.75"

Euribor is the benchmark interest rate at which banks in the eurozone lend short-term money to one another and is published for several maturities (overnight to one year). Investors watch it because it forms the baseline for many loans, mortgages, bonds and derivatives—like the temperature reading that helps predict how hot borrowing costs and returns will be across the market.

Original Issue Discount financial

"The U.S. dollar TLB was set at SOFR + 250 basis points with an OID (Original Issue Discount) of 99.25"

Original issue discount (OID) is the difference between a debt security’s face value and the lower price at which it is first sold, treated as additional interest that accrues over the life of the instrument. For investors it matters because OID raises the effective yield and changes taxable income and the holding’s cost basis over time — think of buying a $100 voucher for $90 and recognizing the $10 gain as earned interest as the voucher approaches maturity.

leverage-based margin step-downs financial

"Both the TLB and the Revolving Credit Facility benefit from leverage-based margin step-downs"

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2026

Commission File No. 001-35193

Grifols, S.A.

(Translation of registrant’s name into English)

Avinguda de la Generalitat, 152-158

Parc de Negocis Can Sant Joan

Sant Cugat del Valles 08174

Barcelona, Spain

(Address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x             Form 40-F ¨

Grifols, S.A.

TABLE OF CONTENTS

Item		Sequential Page Number
1.             Other Relevant Information		3

Grifols, S.A.

Avinguda de la Generalitat 152-158
08174 Sant Cugat del Vallès
Barcelona - ESPAÑA

Tel. [34] 935 710 500
Fax [34] 935 710 267

www.grifols.com

Pursuant to the provisions of Article 227 of Law 6/2023 of March 17, on Securities Markets and Investment Services, Grifols, S.A. (“Grifols” or the “Company”) hereby informs about the following

OTHER RELEVANT INFORMATION

Grifols announces that it has concluded today a successful refinancing of its 2027 debt maturities by means of a credit agreement, in the form of a Term Loan B (“TLB”), structured in three tranches: (i) a term loan in US dollars with a principal amount of USD 2,000,000,000; (ii) a term loan in euros with a principal amount of EUR 1,250,000,000; and (iii) a revolving credit facility with a maximum available amount of USD 2,065,000,000.

The term loans will have a maturity of seven years from the date of execution of the agreement, whilst the revolving credit facility will have a maturity of six and a half years, subject to the conditions therein. The U.S. dollar TLB was set at SOFR (Secured Overnight Financing Rate) + 250 basis points with an OID (Original Issue Discount) of 99.25. The euro tranche was set at Euribor + 300 basis points with an OID of 99.75. Both the TLB and the Revolving Credit Facility benefit from leverage-based margin step-downs.

The proceeds obtained under the aforementioned financing will be used to (i) fully repay the outstanding loans under the existing 2019 TLB credit facilities, (ii) redeem and discharge the remaining outstanding amount under the existing 2019 Notes; (iii) to provide the Group with available liquidity for its development, supporting the simplification and extension of Grifols’ debt maturity profile.

The refinancing together with the redemption of EUR 500,000,000 in aggregate principal amount of the existing April 2024 Notes made public yesterday, will strengthen the company’s balance sheet by reducing funded gross debt levels, lowering cash interest expense, improving its debt maturity profile, whilst maintaining strong liquidity levels.

In Barcelona, on 14 April 2026

Laura de la Cruz Galán

Secretary to the Board of Directors

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

	Grifols, S.A.
	By:	/s/ David I. Bell
		Name:	David I. Bell
		Title:	Authorized Signatory

Date: April 14, 2026

FAQ

What debt refinancing did Grifols (GRFS) announce in April 2026?

Grifols completed a major refinancing of its 2027 debt, arranging a new Term Loan B in U.S. dollars and euros plus a large revolving credit facility. This replaces older 2019 loans and notes and is designed to strengthen its balance sheet and extend maturities.

How large are the new Grifols (GRFS) term loans and credit facility?

Grifols arranged a USD 2,000,000,000 term loan, a EUR 1,250,000,000 term loan, and a USD 2,065,000,000 revolving credit facility. Together, these facilities provide substantial funding capacity to refinance existing debt and support the company’s future liquidity needs.

What are the interest terms on Grifols’ new refinancing facilities?

The U.S. dollar term loan is priced at SOFR plus 250 basis points with a 99.25 original issue discount. The euro term loan is priced at Euribor plus 300 basis points with a 99.75 original issue discount. Both feature leverage-based margin step-downs over time.

How does the refinancing affect Grifols’ (GRFS) debt maturities?

The new term loans mature seven years from signing, and the revolving credit facility matures in six and a half years. This extends Grifols’ debt maturity profile beyond its previous 2027 maturities, easing near-term refinancing pressure and supporting financial stability.

How will Grifols use the proceeds from the new loans and revolver?

Proceeds will fully repay outstanding loans under the 2019 Term Loan B facilities and redeem remaining 2019 notes. Together with a EUR 500,000,000 April 2024 notes redemption, this is expected to reduce funded gross debt, lower cash interest expense, and support liquidity.