Brookfield and the Grifols family’s potential take-private of Grifols has caused the group’s debt stack to rally towards their prices for either a change of control put offer, or redemption.

All of the bonds define a change of control as occurring if the Grifols family acquires an equity stake greater than 50% in the blood plasma-related products producer, or if anyone else acquires a stake greater than 35%.

Grifols confirmed the tentative joint partnership between Brookfield and the Grifols family in a company announcement on 8 July. The prospective buyers requested access to company information to conduct their due diligence for the take-private.