GA_P advises Celsa Group on the refinancing of its €2.2bn debt

Gómez-Acebo & Pombo has advised Grupo Celsa, one of Europe’s leading steel producers, on the refinancing of its debt for a total amount of €2.2bn. This multijurisdictional transaction includes several financing instruments.

As part of the Celsa debt refinancing, the transaction comprises an inaugural €1.2bn green high yield bond issuance. It also includes a super senior revolving credit facility of up to €200m, a €600m subordinated PIK loan and a €200m capital increase.

In 2023, the Firm advised the Celsa Group on its restructuring. This process culminated in the court’s approval of the first restructuring plan adopted following the reform of the consolidated text of the Insolvency Act introduced by Law 16/2022 of 5 September.

In this context, the previous transaction marked a milestone in the application of the new Spanish insolvency framework. It also established the Celsa Group as a benchmark in the restructuring market. In turn, the current refinancing builds on that process and supports the group as it enters a new phase of financial stability and business development.

The Gómez-Acebo & Pombo team

The GA_P team involved in the Celsa Group’s refinancing was led by Ferran Foix, alongside Mónica Contreras, Irene Medina, Carmelo Morales and Victoria González – all from the Banking and Finance team – in collaboration with Miguel Ángel Melero and Víctor Villaverde from the Corporate team.

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