Spain's Celsa completes refinancing, strengthening capital structure

The Spanish long products manufacturer Celsa Group has completed refinancing in the amount of 1.8 billion euros, which was the final step in the financial and operational transformation that the company began in 2023, according to media reports. The deal includes 600 million euros worth of HoldCo PIK bonds jointly led by funds managed by Strategic Value Partners (SVP), as well as the issuance of 1.2 billion euros worth of senior secured bonds, strengthening Celsa's capital structure as the European steel sector prepares for major regulatory changes.

Announcing the refinancing, CEO Jordi Cazorla stated that the completion of the debt restructuring marks the last milestone of the transformation we have begun. in 2023, noting that Celsa can now benefit from the positive market dynamics and upcoming regulatory changes. He stressed the crucial role played by shareholders and financial partners, who have invested more than 900 million euros in equity since 2022.

Upon completion of the refinancing, Celsa enters the next phase with improved financial flexibility, a strengthened balance sheet and a competitive position consistent with Europe's transition to low-carbon steel production.