Biffa Group Holdings Ltd (BIFFLN)

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Biffa Group Holdings Ltd (BIFFLN)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
HYC	INDS	PRCD	BIFFLN	Biffa Group Holdings Ltd	-		2	EMEA	Dec 4, 2025

Tranche #1Biffa Group Holdings Ltd

currency

EUR

size (m)

550.000

maturity

Jun 16, 2031

type

Fixed

tenor

5.500

call

2.00

registration

144A/Reg S

benchmark

DBR

ranking

Sr. Secured

moody's

s&p

B+

fitch

BB-

size description

re-open/tap

ipt

low 6s

ipt-pxd

guidance

5.75%-6.00%; Rvsd 5.50% area

spread

283

coupon

5.25%

spread set

price

100.00000

yield

5.25%

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Biffa Group Holdings Ltd

currency

GBP

size (m)

350.000

maturity

Jun 15, 2031

type

Fixed

tenor

5.500

call

2.00

registration

144A/Reg S

benchmark

ranking

Sr. Secured

moody's

s&p

B+

fitch

BB-

size description

re-open/tap

ipt

low 8s

ipt-pxd

guidance

7.75%-8.00%; Rvsd 7.50%-7.75%

spread

338

coupon

7.375%

spread set

price

100.00000

yield

7.375%

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

First Pay: 2026-06-15; Redemption: 2027-12-15; Registration: 144A/Reg S; Comments: CoC: 101%. GSC (B&D); First Pay: 2026-06-15; Redemption: 2027-12-15; Registration: 144A/Reg S; Comments: CoC: 101%. JPM (B&D);

Use of Proceeds

Repay in full its GBP235m term loan, GBP260m private placement notes, GBP177m drawn on its revolver, repay GBP117m non-recourse debt and debt-like items, GBP11.5m for cash on the B/S.

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	PRICED: Biffa GBP830m equiv 5.5NC2 sr sec 2-part, E550m 5.25% at 100, GBP350m 7.375% at 100	Dec 4, 2025
	REVISED PX TALK: Biffa GBP830m equiv 5.5NC2 sr sec 2-part, EUR 5.50% area, GBP 7.50-7.75%	Dec 4, 2025
	PX TALK: Biffa GBP830m equiv 5.5NC2 sr sec 2-part, EUR 5.75-6.00%, GBP 7.75-8.00%, pxg tomorrow	Dec 3, 2025
	RATED: S&P/Fitch rate Biffa GBP830m equiv (EUR/GBP) 5.5NC2 sr sec 2-part B+/BB-	Dec 1, 2025
	NEW ISSUE: Biffa GBP830m equiv 5.5NC2 sr sec 2-part, EUR IPT low 6s, GBP IPT low 8s, on the road	Dec 1, 2025

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Biffa Group Holdings Ltd (BIFFLN)

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