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White & Case Advises Bank Syndicate on Befesa’s €636 Million Refinancing

Global law firm White & Case LLP has advised the bank syndicate on the refinancing of Befesa S.A.'s credit facilities.

Befesa is a leading international provider of regulated environmental services to the steel and aluminium industries with facilities located in Germany, Spain, Sweden, France and the UK, as well as in Turkey, South Korea and China. Through its two business units, Steel Dust and Aluminium Salt Slags recycling services, Befesa recycles more than 1,500 kilotonnes of residual materials annually and produces more than 600 kilotonnes of new materials.

The total financing of €636 million includes a €526 million term loan B cov-lite facility with a term of seven years, a €75 million revolving credit facility and a €35 million guarantee facility.

Citigroup Global Markets Limited acted as global coordinator. Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A. and Commerzbank AG acted as joint bookrunners. 

The White & Case team in Frankfurt which advised on the transaction was led by partner Vanessa Schürmann and local partner Andreas Lischka, and included partner Florian Ziegler, associates Yasaman Zargar and Daniel Hobbs and senior transaction lawyer Alexander Hansen Díaz (all Frankfurt). Lawyers from the White & Case offices in Brussels (for Luxembourg law matters), Madrid and Seoul also provided advice.

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