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by Stephen Carter
Dec 04, 2025 3:27 PM ET
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. Settles 12/15.
- EUR550m (from EUR300m minimum) due 06/16/31 (5.5y). NC2 (12/15/27) (MWC B+50bp), then at 102.625 12/15/27, 101.313 12/15/28, 100 12/15/29. Equity claw: 2y 40% at 105.25. 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. Pays June 15 and Dec 15, starting 06/15/26. Denoms: 100kx1k. Reg S ISIN: XS3246904414. IPT low 6s. Price talk: 5.75%-6.00%. Revised price talk: 5.50% area. Priced: 5.25% at 100. +283bp vs DBR 0.00% 08/15/31.
- GBP350m (from GBP300m minimum) due 06/15/31 (5.5y). NC2 (12/15/27) (MWC G+50bp), then at 103.688 12/15/27, 101.844 12/15/28, 100 12/15/29. Equity claw: 2y 40% at 107.375. 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. Pays June 15 and Dec 15, starting 06/15/26. Denoms: 100kx1k. Reg S ISIN: XS3246270147. IPT low 8s. Price talk: 7.75%-8.00%. Revised price talk: 7.50%-7.75%. Priced: 7.375% at 100. +338bp vs UKT 4.125% 03/07/31.
Roadshow (small group meetings) 12/01-02 (investor call at 11am UKT 12/01). Books closed at 11am UKT 12/04. Reconfirms were due by 1pm 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$