Shearman & Sterling represented Almirall, S.A. (“Almirall”) on its inaugural High Yield bond offering of €325 million 4.625% Senior Notes due 2021 (the "Notes"). The Notes are guaranteed on a senior unsecured basis by certain of Almirall's subsidiaries. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on March 27, 2014. The net proceeds from the issue and sale of the Notes are to be used to repay certain loan facilities and for general corporate purposes.
Almirall, headquartered in Barcelona, Spain, is a leading pharmaceutical company engaged in the research and development, manufacturing and commercialization of pharmaceutical products, primarily for respiratory and dermatological diseases but also for pain relief and gastrointestinal and other diseases.