Paul Hastings Advises Syndicate of Initial Purchasers on Biffa’s £830 Million Equivalent Debut High Yield Offering and RCF Financing

Paul Hastings LLP advised a syndicate of initial purchasers, led by Goldman Sachs and J.P. Morgan, including ABN AMRO, Barclays, HSBC, Lloyds Bank Corporate Markets, NatWest, Rabobank and Scotiabank, in connection with the successful offering of £830 million equivalent senior secured notes by Biffa.

The notes comprise £350 million senior secured notes due 2031 and €550 million senior secured notes due 2031. The proceeds of the notes were used to refinance Biffa’s existing debt and fund cash to the balance sheet. The financing also consisted of a new multi-currency, super senior revolving credit facility of up to £300 million provided by certain affiliates of the initial purchasers.

Biffa is owned by Energy Capital Partners (ECP) and is a leading provider in end-to-end service solutions for sustainable waste management.

Global Finance partners Patrick Bright, Reena Gogna, Fabio Pazzini and Giorgia Sosio de Rosa led the Paul Hastings team, which also included associates Pierfrancesco Benedetti, Tommaso d’Andrea di Pescopagano, Haris Ahmed, Ida Töyrä, Hayden Shamoi, James Wilkins and trainee Mila Rubinfeld.

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