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Grünenthal secures long-term financing for growth strategy

- Grünenthal successfully increases existing bond financing by €300 million to a total sum of €950 million.

- The company gains additional financial flexibility to pursue targeted investments to further pursue its growth strategy.

Aachen, Germany, 14 July 2021 - Grünenthal, a science-based pharmaceutical company and a leader in pain therapy, announces that the company has successfully extended its existing bond financing by €300 million to a total sum of €950 million. This extension has been made to one of the two tranches of the recently issued bond with an interest rate of 4.125%, maturing in 2028. The new Senior Secured Notes were issued at a price of 102% of face value.

In May this year, Grünenthal had issued its first bond of €650 million comprising two tranches: the first tranche of €400 million Notes with an interest rate of 3.625% due in 2026 and the second tranche of €250 million now extended to €550 million Notes due in 2028.

The net proceeds will be used to pay existing bank liabilities and extend Grünenthal's debt maturity profile. Around 95 percent of Grünenthal's debt facilities now mature in 2026 or later.

This bond extension provides the company with additional headroom for targeted acquisitions, a key component of its growth strategy. "The strong demand has underpinned the confidence of investors in our strategy. With the additional financial flexibility, we will be able to further seize attractive investment opportunities and strengthen our position as a leader in pain management," said Fabian Raschke, CFO Grünenthal.

Inorganic growth is one of the key pillars of Grünenthal's strategy. The company has invested approximately €1.3 billion in acquisitions of established brands since 2017 and remains focused on acquiring products that immediately strengthen its EBITDA and to further invest in pain research.

Grünenthal notes are currently rated 'B+' (positive outlook) by Standard & Poor's ; 'BB+' (stable outlook) by Fitch Ratings and 'B1' (stable outlook) by Moody's Investors Service. The company also has a medium Environmental, Social, and Governance (ESG) risk rating by Sustainalytics, placing it in the top five percent of its peers in the pharmaceutical subindustry as per 14^th March 2021.

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About Grünenthal

Grünenthal is a global leader in pain management and related diseases. As a science-based, fully-integrated pharmaceutical company, we have a long track record of bringing innovative treatments and state-of-the-art technologies to patients worldwide. Our purpose is to change lives for the better - and innovation is our passion. We are focusing all of our activities and efforts on working towards our vision of a world free of pain.

Grünenthal is headquartered in Aachen, Germany, and has affiliates in 29 countries across Europe, Latin America and the US. Our products are available in around 100 countries. In 2020, Grünenthal employed around 4,500 people and achieved sales of around €1.3 bn.

More information: www.creditors.grunenthal.com

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