Celsa Group Refinances €2.2 billion Debt

Cuatrecasas has advised a group of investors and shareholders on the debt refinancing of approximately €2.2 billion for the Celsa Group, one of the country’s leading steel producers. This transaction concludes the restructuring process initiated in 2023, which included the court approval of the first restructuring plan in Spain following the legal reform, in which Cuatrecasas also acted as advisor. That plan laid a solid foundation to ensure the group’s viability and preserve its continuity.

The refinancing, which spanned multiple jurisdictions, included the issuance of €1.2 billion in high-yield green bonds, a €200 million revolving credit facility, as well as a €600 million loan, and a €200 million capital increase, both supported by the group’s investors and shareholders.