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Exhibit 5.1
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Proskauer Rose LLP Eleven Times Square New York, NY 10036-8299
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October 24, 2011
Re: Registration
Statement on Form F-4; $1,100,000,000 Aggregate
Principal Amount of the Company’s 8.25% Senior Notes due 2018
Ladies and Gentlemen:
We have acted as special U.S. counsel to Grifols Inc., a Virginia corporation (the “Company”), the
guarantors listed on Schedule I hereto organized under the laws of the State of Delaware (the
“Delaware Guarantors”), and the guarantors listed on Schedule I hereto not organized under the laws
of the State of Delaware (the “Foreign Guarantors” and together with the Delaware Guarantors, the
“Guarantors”) in connection with the Registration Statement on Form F-4 (as
amended, the “Registration Statement”), filed by the Company and the Guarantors with the Securities
and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Securities Act”), relating to the issuance of up to $1,100,000,000 aggregate principal amount of
the Company’s 8.25% Senior Notes due 2018 (the “Exchange Notes”) and the guarantees of the Exchange
Notes by the Guarantors (the “Exchange Guarantees”). The Exchange Notes and the Exchange Guarantees
are being issued pursuant to an indenture dated as of January 21, 2011, as heretofore supplemented
(the “Indenture”), by and among the Company, the Guarantors and The Bank of New York Mellon Trust
Company, N.A., as trustee (the “Trustee”). The Exchange Notes are being offered by the Company in
exchange for a like aggregate principal amount of its outstanding 8.25% Senior Notes due 2018.
This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation
S-K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the
contents of the Registration Statement or related prospectus, other than as expressly stated herein
with respect to the issuance of the Exchange Notes and the Exchange Guarantees.
In giving this opinion, we have examined:
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(i) |
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an executed copy of the Indenture, |
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(ii) |
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an executed copy of the first supplemental indenture, dated as of the June 1, 2011 (the
“First Supplemental Indenture”), |
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(iii) |
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an executed copy of the second supplemental indenture, dated as of October 4, 2011
(the “Second Supplemental Indenture” and, together with the First Supplemental Indenture,
the “Supplemental Indentures”), |
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(iv) |
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specimens of the Exchange Notes to be issued and delivered pursuant to the Indenture, |
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(v) |
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specimens of the Exchange Guarantees, |
Boca Raton | Boston | Chicago | Hong Kong | London | Los Angeles | New Orleans | New York | Newark | Paris | São Paulo | Washington, D.C.
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(vi) |
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the Certificate of Incorporation of each of the Delaware Guarantors, each as amended
and in effect on the date hereof, |
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(vii) |
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the Bylaws of each of the Delaware Guarantors, each as amended and in effect on the
date hereof, and |
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(viii) |
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the resolutions of the Board of Directors of each of the Delaware Guarantors, each dated
May 30, 2011 or June 1, 2011. |
In giving this opinion, we have assumed, with your permission, (i) the genuineness of all
signatures, (ii) the legal capacity of natural persons and the authenticity of all documents we
have examined, (iii) the authenticity of all documents submitted to us as originals, (iv) the
conformity to the originals of all copies of documents submitted to us, and (v) the authenticity of
the originals of such copies. As to questions of fact relevant to this opinion, with your
permission and without any independent investigation or verification, we have relied upon, and
assumed the accuracy of, oral or written statements and representations of officers and other
representatives of the Company and the Guarantors and others. We also have assumed, with your
permission and without any independent verification, (i) the valid existence and good standing of
the Company and each of the Foreign Guarantors, (ii) that the Exchange Notes, the Exchange
Guarantees, the Indenture and the Supplemental Indentures (collectively, the “Documents”) have been
duly authorized, executed and delivered by each of the parties thereto (other than the Delaware
Guarantors), (iii) that the Documents constitute legally valid and binding obligations of the
parties thereto (other than the Company and the Guarantors), enforceable against each of them in
accordance with their respective terms, (iii) the adequacy of the consideration that supports the
Guarantors’ agreement and the solvency and adequacy of capital of the Guarantors, (iv) that the
execution and delivery by each Foreign Guarantor of their respective Exchange Guarantee has not
resulted in any breach or violation of, or conflict with, any statute, rule or regulation of such
Foreign Guarantors’ jurisdiction of organization, and (v) that the provisions of the Documents
designating the law of the State of New York as the governing law for such Documents are valid and
binding on each Foreign Guarantor under the laws of such Foreign Guarantors’ jurisdiction of
organization. In addition, we have assumed that the Exchange Notes and each Exchange
Guarantee will be executed and delivered by an authorized officer of the Company or respective
Guarantor, as the case may be, substantially in the form examined by us.
Upon the basis of such examination, we advise you that, in our opinion,
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(1) |
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The execution, delivery and performance by each Delaware Guarantor of their respective
Exchange Guarantee have been duly authorized by all necessary corporate action on the part
of such Delaware Guarantor. |
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(2) |
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When (i) the Registration Statement has become effective under the Act and (ii) the
Exchange Notes and Exchange Guarantees have been duly executed and, in the case of the
Exchange Notes, authenticated in accordance with the Indenture, and issued |
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and exchanged as
contemplated by the Registration Statement, (1) the Exchange Notes will constitute valid
and legally binding obligations of the Company and (2) the Exchange Guarantees will
constitute valid and legally binding obligations of the respective Guarantors, enforceable
in accordance with their terms and entitled to the benefits of the Indenture. |
The foregoing opinions are limited to the laws of the State of New York and the General Corporation
Law of the State of Delaware, and we are expressing no opinion as to the effect of the laws of any
other jurisdiction. We note that, with respect to all matters of Virginia, Spanish, Italian and
German law, you are relying upon the opinions of Hunton & Williams LLP, Osborne Clarke Spain, SLA
Studio Legale Associato and Osborne Clarke Germany, respectively, which are also filed as exhibits
to the Registration Statement.
The foregoing opinions are subject to the following limitations and qualifications:
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(A) |
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The enforceability of the Documents may be limited by bankruptcy, insolvency,
fraudulent conveyance, fraudulent transfer, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally and by general equitable
principles (regardless of whether enforcement is sought in equity or at law), including,
without limitation, principles regarding good faith and fair dealing. In addition, we
express no opinion as to the enforceability of (i) self-help provisions, (ii) provisions
that purport to establish evidentiary standards, (iii) provisions exculpating a party from,
or indemnifying a party for (or entitling a party to contribution in a case involving), its
own gross negligence, willful misconduct or violation of securities or other laws, (iv)
provisions relating to the availability of specific remedies or relief, or the release or
waiver of any remedies or rights or time periods in which claims are required to be
asserted, (v) provisions that allow cumulative remedies, late charges or default interest,
(vi) provisions relating to the discharge of defenses or disclaimers, liability limitations
or limitations of the obligations of any person or entity under any of the Documents or
(vii) provisions relating to choice of law or forum. |
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(B) |
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We express no opinion with respect to the effect of any provision of the Documents that
is intended to permit modification thereof only by means of an agreement signed in writing
by the parties thereto. |
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(C) |
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We express no opinion with respect to the effect of any provision of the Documents
imposing penalties or forfeitures. |
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(D) |
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The enforceability of the Exchange Guarantees may be subject to statutory provisions
and case law to the effect that a guarantor may be discharged if the beneficiary of the
guaranty alters the original obligation of the principal, fails to inform the guarantor of
material information pertinent to the principal, elects remedies that may impair the
subrogation rights of the guarantor against the principal or otherwise takes or omits to |
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take any action that prejudices the guarantor unless, in any such case, the guarantor
validly waives such rights or the consequences of any such action. |
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(E) |
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The above opinions are based solely upon laws, rulings and regulations in effect on the
date hereof, and are subject to modification to the extent that such laws, rulings and
regulations may be changed in the future. We undertake no obligation to advise you of facts
or changes in law occurring after the date of this opinion which might affect the opinions
expressed herein. |
We consent to your filing this opinion as an exhibit to the
Registration Statement and to the reference to our firm contained in the Registration Statement
under the heading “Legal Matters.” In giving such consent, we do not thereby admit that we are in
the category of persons whose consent is required under Section 7 of the Securities Act or the
rules and regulations of the Commission thereunder.
This opinion is based on the customary practice of lawyers who regularly give, and lawyers who
regularly advise opinion recipients regarding, opinions of the kind involved herein, including
customary practice as described in bar association reports.
Very truly yours,
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SCHEDULE I
Guarantors
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Jurisdiction of Incorporation or |
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Organization |
Grifols, S.A.
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Spain |
Grifols Biologicals Inc.
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Delaware, United States |
Biomat USA, Inc.
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Delaware, United States |
Grifols
Therapeutics Inc.
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Delaware, United States |
Talecris Plasma Resources, Inc.
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Delaware, United States |
Instituto Grifols, S.A.
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Spain |
Diagnostic Grifols, S.A.
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Spain |
Movaco, S.A.
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Spain |
Laboratorios Grifols, S.A.
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Spain |
Grifols Italia, S.p.A.
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Italy |
Grifols Deutschland GmbH
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Germany |