Paul Hastings advises on Biffa offering
Paul Hastings LLP has played a crucial role in advising a syndicate of initial purchasers on Biffa’s £830 million equivalent senior secured notes offering and new revolving credit facility financing
The syndicate, led by Goldman Sachs and J.P. Morgan, also included ABN AMRO, Barclays, HSBC, Lloyds Bank Corporate Markets, NatWest, Rabobank and Scotiabank. The notes issued comprise £350 million of senior secured notes due in 2031 and €550 million of similar notes also due in 2031. The generated proceeds have been earmarked for refinancing Biffa’s existing debts as well as enhancing cash reserves on its balance sheet. Additionally, Biffa secured a multi-currency, super senior revolving credit facility amounting to up to £300 million, facilitated by certain affiliates of the initial purchasers. Biffa operates under the ownership of Energy Capital Partners (ECP) and is recognised as a prominent provider of comprehensive service solutions for sustainable waste management. The accomplished legal team from Paul Hastings included global finance partners Patrick Bright, Reena Gogna, Fabio Pazzini and Giorgia Sosio de Rosa, alongside associates Pierfrancesco Benedetti, Tommaso d’Andrea di Pescopagano, Haris Ahmed, Ida Töyrä, Hayden Shamoi, James Wilkins, and trainee Mila Rubinfeld
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