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by Stephen Carter
Dec 04, 2025 3:41 PM 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. Settles 12/10 (T+3)
- EUR750m (from EUR500m minimum) sr sec fixed rate notes due 12/15/30 (5y). NC2 (12/125/27) (MWC B+50bp), then at 104.125 12/15/27, 102.0625 12/15/28, 100 12/15/29. Equity claw: 2y 40% at 108.25. Special call: 10% per year the first 2 years at 103. CoC at 101. Pays June 15 and Dec 15, starting 06/15/26. Reg S ISIN: XS3237210334. IPT: 9% area. Price talk: 8.75% area. Revised price talk: 8.50% area. Final size/talk: EUR750m at 8.25%. Priced: 8.25% at 100. +587bp vs DBR 2.40% 11/15/30.
- EUR450m (from EUR400m minimum) sr sec FRN due 12/15/30 (5y). NC1 (12/15/26) (MWC B+50bp), then at 101.00. CoC at 101. Pays March 14, June 15, Sept 15 and Dec 15, starting 03/15/26. Reg S: XS3237215648 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. Final size/talk: EUR450m E+550-575bp at 99.00. Priced: 3mE+550bp (0% floor) at 99.00.
Roadshow (small group meetings) 12/01-03 (investor call at 12:30pm UKT 12/01). Books closed at 12pm UKT (from 10:30am UKT) 12/04. Reconfirm were due by 3:15pm UKT 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.