White & Case Advises Lenders on Befesa’s €650M Term Loan B Repricing.
Global law firm White & Case LLP has advised lenders, led by Citibank, on the successful repricing and refinancing of Befesa S.A.'s €650 million term loan B facility. The repricing lowered the interest rate by 50 basis points.
Befesa, a leading provider of environmental recycling services for the steel and aluminium sectors, also refinanced a €100 million revolving credit facility and a €35 million guarantee facility. The updated term loan now matures in July 2029 and features a margin of Euribor +275 bps, with a potential 50 bps reduction if the leverage ratio drops below 2.5x.
Befesa CFO Rafael Pérez expressed confidence in the company’s financial position and strategic trajectory following strong investor support. “We are very pleased with the successful outcome of this refinancing transaction. The reception and appetite to participate by existing and new lenders were very strong. We are looking forward to delivering on our strategic goals from a position of financial strength, which this refinancing put us in.”
Credit ratings remain stable at Ba2 (Moody’s) and BB (S&P). Citibank acted as sole global coordinator, with J.P. Morgan as passive bookrunner. The White & Case Frankfurt team was led by partners Vanessa Schürmann and Andreas Lischka.
Befesa S.A. is a global leader in environmental recycling services for the steel and aluminium industries. Specializing in the treatment of hazardous residues like steel dust and salt slags, Befesa transforms waste into valuable secondary materials, supporting the circular economy and reducing resource consumption. With operations across Europe, Asia, and North America, the company combines technological innovation, operational efficiency, and strategic growth to maintain its market leadership. Befesa is committed to sustainability, safety, compliance, and delivering high-quality solutions through its expert workforce.
White & Case LLP is a global law firm known for providing high-quality legal services to clients across a broad range of industries. Founded in 1901, the firm has grown to become one of the largest international law firms, with offices in over 40 locations worldwide. White & Case specializes in complex legal matters, including banking and finance, mergers and acquisitions, capital markets, dispute resolution, and regulatory compliance. The firm represents multinational corporations, governments, and financial institutions, offering expertise in cross-border transactions, international litigation, and arbitration. White & Case is renowned for its deep industry knowledge, innovative solutions, and commitment to delivering results for its clients.
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