Spanish pharmaceutical company Grifols launched a $105 million private placement transaction Wednesday, with Mesirow Financial as its agent, a source familiar with the situation confirmed.

The deal will be structured as a sale leaseback on two properties based in Los Angeles and one in San Marcos, Texas. The issue, which will have a four-year average, five-year final maturity, is expected to price after April 18.

The sale-leaseback transaction will not close until certain conditions are fulfilled, including approval of the acquisition by the Federal Trade Commission.

In January, Grifols sold $1.1 billion in junk bonds in order to finance its $4.5 billion cash and stock acquisition of U.S.-based biotherapeutics firm Talecris. That senior note transaction had a yield of 8.25% and is due 2018. BBVA, BNP Paribas, Deutsche Bank, HSBC and Morgan Stanley were bookrunners on the deal.

In 2009, Grifols turned to the private placement market to raise $600 million via BBVA and Nomura. The three-tranche transaction had maturities of seven-, 10- and 12-years, which priced between 335 basis points to 370 basis points above Treasurys.

Barcelona-based Grifols is mainly involved in the production of blood-plasma products and is listed on the Madrid Stock Exchange.

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