Grupo Celsa completes the refinancing of its €2.2 billion debt: Advisors

Grupo Celsa, a Spanish steel producer, has completed the refinancing of its debt for approximately €2.2 billion, an operation that brings to an end the restructuring process that began in 2023.

This process included the approval of the first restructuring plan in Spain following the insolvency reform, laying the foundations for ensuring the group’s viability and guaranteeing the continuity of its activity.

The cross-border transaction included the issuance of high-yield green bonds worth €1.2 billion, a €200 million revolving credit facility, a €600 million subordinated loan and a €200 million capital increase, the latter two backed by the group’s investors and shareholders.

Advisors

Cuatrecasas advised a group of investors and shareholders through its Restructuring and Insolvency team, led by Ignacio Buil Aldana, with the participation of Marco Antonio Sanz, Fernando Garí, Javier Rovira, Roma Bastús and Sandra Cristina Gómez.

Gómez-Acebo & Pombo has advised the Celsa Group. The team was led by Ferran Foix, together with Mónica Contreras, Irene Medina, Carmelo Morales and Victoria González, all from the Banking and Finance team, in collaboration with Miguel Ángel Melero and Victor Villaverde from the Commercial team.

Linklaters advised Grupo Celsa on the transaction. The mandate involved several teams and offices of the firm and was led by partners Federico Briano, Jorge Alegre, Alexander Naidenov, Luis Roth and Ben Crosse, with the support of Borja Oñoro, Dami Banire, Yiannis Kyriakides, Piotr Hurkała and Jerónimo Poza.