Befesa Extends the Maturity of Its Debt to 2029

Befesa S.A., a leading provider of hazardous waste recycling services, has successfully refinanced its debt. The refinancing includes extending a €650 million senior secured Term Loan B by three years to July 2029, a €100 million revolving credit facility to July 2028, and a €35 million guarantee facility to July 2028.

This refinancing extension has no impact on Befesa's current leverage ratio. The new Term Loan B carries a margin of Euribor +275 bps, with a potential margin reduction of up to 50 bps if the leverage ratio falls below x2.5. The previous covenant-lite terms have been maintained.

Credit rating agencies have reconfirmed Befesa's ratings at Ba2 (Stable) by Moody’s and BB (Stable) by S&P. Rafael Pérez, CFO of Befesa, expressed satisfaction with the strong interest from both existing and new lenders.

Citi and J.P. Morgan acted as joint physical bookrunners, with BBVA, BNP, Commerzbank, and CaixaBank also participating as bookrunners.