Befesa Secures Repricing on €650 Million Term Loan B
Deal News | Apr 02, 2025 | White & Case LLP
In a strategic financial move, Befesa, a leading player in the environmental services sector catering to the steel and aluminium industries, has successfully repriced its €650 million term loan B. This financial maneuver, guided by White & Case LLP alongside Citibank N.A., achieved a 50 basis points reduction in the interest rate for Befesa's covenant light facility. This repricing is indicative of Befesa's solid financial standing and its continued commitment to optimizing financial operations. White & Case's Frankfurt team, spearheaded by partner Vanessa Schrmann, comprised a comprehensive legal counsel effort alongside Citibank, which took the roles of sole global coordinator, mandated lead arranger, and bookrunner. Additionally, J.P. Morgan SE contributed as the passive bookrunner. Befesa continues to lead in its provision of environmentally regulated services across several countries, further solidifying its financial and operational growth.
Sectors
- Environmental Services
- Financial Services
- Legal Services
Geography
- Global – Befesa operates internationally with facilities in Germany, Spain, Sweden, France, Turkey, South Korea, China, and the US.
- Germany – The White & Case team advising on the transaction was based in Frankfurt, Germany.
- United Kingdom – Citibank N.A., London Branch acted as a key coordinator, arranger, and bookrunner.
Industry
- Environmental Services – Befesa is involved in providing regulated environmental services for the steel and aluminium industries.
- Financial Services – The article discusses the repricing of a financial instrument, implicating the financial services industry through the roles of banks and legal advisors.
- Legal Services – White & Case LLP is involved in providing legal advisory services related to the loan repricing.
Financials
- €650 million – The size of the term loan B facility that was repriced.
- 50 basis points – The reduction in interest rate achieved through the repricing.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Befesa S.A. | Target | Company | A leading international provider of environmental services to the steel and aluminium industries. |
| White & Case LLP | Legal Advisor | Company | Global law firm advising the lenders on the loan repricing. |
| Citibank N.A., London Branch | Financial Advisor/Coordinator | Company | Acted as sole global coordinator, mandated lead arranger and bookrunner for the loan repricing. |
| J.P. Morgan SE | Passive Bookrunner | Company | Served as a passive bookrunner in the loan repricing. |
| Vanessa Schrmann | Lead Partner | Person | Led the White & Case team advising on the transaction. |