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by Stephen Carter
Dec 04, 2025 6:36 AM ET
Celsa Opco SAU (BRNAES) EUR1.2bn green sr sec notes fixed/floater 2-part. B2/B/BB (positive/stable/stable). Via GS (B&D)/Barc/JPM jt glocos and physical books/BBVA/BNP/Citi/StanChart/RBC jt books. No reg rights. List Vienna. NY law. Denoms: 100kx1k.
- EUR TBD (EUR500m minimum) sr sec fixed rate notes due 2030 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. IPT: 9% area. Price talk: 8.75% area. Revised price talk: 8.50% area.
- EUR TBD (EUR400m minimum) sr sec FRN due 2030 (5y). NC1 (MWC B+50bp) (par). CoC at 101. IPT: E+625bp at 98.50-99.00. Price talk: E+600-625bp at 99.00. Revised price talk: E+575-600bp at 99.00.
Roadshow (small group meetings) 12/01-03 (investor call at 12:30pm UKT 12/01). Books close at 12pm UKT (from 10:30am UKT) 12/04. Pricing 12/04. UOP: along with EUR6m cash on hand, a EUR50m draw on its super sr revolver, the EUR600m sub shareholder HoldCo PIK loan and EUR200m shareholder equity injection, to repay debt. An equivalent amount of the net proceeds will be allocated to eligible green projects as outlined in the Green Bond Framework. Equity sponsor: Attestor Capital (47%), Strategic Value Partners (34%) and GoldenTree (12%). Biz: One of the largest vertically integrated EAF producers of recycled low-emission long steel products in Europe, benefiting from an advantaged footprint aligned with supportive market dynamics and exposure to higher-growth Iberian and Polish economies. HQ: Barcelona, Spain.
Netroadshow link: https://urldefense.com/v3/__https:/www.netroadshow.com/nrs/home/*!/?show=7954a6b2__;Iw!!O2kDR7mm-zSJ!r0-56gOuIa41amw8bTGrJ3ZhU_vgXM7tr5WFd58KEl0RCDq90xP6-MMwY5wEu9YMu1iRATElEM73TveJcg$. Entry code: CELSAEUR2025.