Commentary & Deal Flow

Biffa Group Holdings Limited (BIFFLN) GBP830m equivalent (EUR/GBP) 144A/Reg S 5.5yNC2 sr sec notes 2-part. NR/B+/BB- (--/stable/stable). Via GS (B&D EUR)/JPM (B&D GBP) jt glocos and jt physical books/ABN/Barc/HSBC/Lloyds/NatWest/Rabo/Scotia jt books. No reg rights. List ISE. NY law. 

   - EUR300m minimum due 2031 (5.5y). NC2 (MWC B+50bp). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103 (unused capacity may be carried forward to future years or applied to previous years). CoC at 101. Denoms: 100kx1k. IPT low 6s. Price talk: 5.75%-6.00%.

   - GBP300m minimum due 2031 (5.5y). NC2 (MWC G+50bp). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103 (unused capacity may be carried forward to future years or applied to previous years). CoC at 101. Denoms: 100kx1k. IPT low 8s. Price talk: 7.75%-8.00%.

Roadshow (small group meetings) 12/01-02 (investor call at 11am UKT 12/01). Books close at 11am UKT 12/04. Pricing 12/04. UOP: 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. Equity sponsor: Energy Capital Partners. Biz: The UK's leading integrated waste management company,  providing services including collections, recycling, treatment, landfill and other specialist services. HQ: High Wycombe, UK (St Helier, Jersey).

Deal roadshow direct link: https://urldefense.com/v3/__https:/dealroadshow.com/e/BIFFAIP2025__;!!O2kDR7mm-zSJ!qDH5hhXrPYVYDeO5QlNKefmvT_F4vJ3o-c3JPND6GAmfGi6HifNI7Cch9gZyOyYAUdjAPyWg0hAZ02qBUqDkPQTMbcU$