We advised funds managed by Strategic Value Partners, LLC and its affiliates (“SVP”), a global alternative investment firm that focuses on special situations, private equity, opportunistic credit and financing opportunities with approximately USD 22 billion in assets under management, on the successful completion of the refinancing of Celsa Group (Celsa), one of Europe’s leading steel producers.
As part of the transaction, Celsa is issuing EUR 1.2 billion in senior secured bonds. In addition, Celsa is issuing a EUR 600 million subordinated shareholder PIK loan, which is co-led by funds managed by SVP.
Our team played a key role in the Luxembourg corporate, debt finance, and tax structuring of the transaction, which marks a significant milestone for Celsa as it right-sizes the capital structure inherited from its 2023 restructuring, following a strong recovery in financial performance.
Celsa operates a low-emission steel production model aligned with evolving European Union climate policy. Environmental considerations and regulatory matters are important factors we take into account when supporting clients in emissions-intensive sectors.