Houlihan Lokey Advises Celsa Group

Houlihan Lokey is pleased to announce that Celsa Group (Celsa), one of Europe’s leading steel producers, has completed a €2.2 billion capital structure refinancing, including a €1,200 million inaugural bond, a €600 million subordinated shareholder PIK loan, a €200 million equity injection, and a €200 million super senior revolving credit facility. This transaction marks a significant milestone for Celsa, as it right-sizes a capital structure inherited from the 2023 restructuring, following a strong recovery in financial performance. Houlihan Lokey acted as financing advisor to Celsa on the transaction, which was signed on 4 December 2025 and closed on 10 December 2025.

Headquartered in Spain, Celsa is one of Europe’s largest vertically integrated producers of recycled, low-emission, long steel products, with 7.3 million tonnes of production capacity, and LTM September 2025 revenue of €3.3 billion. The company holds leading market positions across its core end markets (construction, automotive, and industrials) and serves a broad and diversified European customer base, supported by a large product range.

On 4 December 2025, Celsa completed the pricing of a €1,200 million notes issuance and entered into a purchase agreement in connection therewith. Barclays, Goldman Sachs, and J.P. Morgan acted as global coordinators for the transaction, alongside several other financial institutions. The order book for the issuance was multiple times oversubscribed.

The issuance comprised a €750 million fixed-rate tranche bearing interest at 8.25%, and a €450 million floating-rate tranche bearing interest at a rate equal to a three-month Euribor plus 5.50%, each with a maturity of five years.

The notes were issued as green bonds in accordance with Celsa’s Green Financing Framework, which has been assigned an “Excellent” rating by Fitch.

Celsa also increased its share capital by €200 million in cash, and the group received a €600 million subordinated loan. Both transactions were funded by the existing shareholders.

In addition, Celsa entered into a €200 million super senior revolving credit facility agreement with a syndicate of eight banks to finance its working capital needs.

Through these transactions, which closed on 10 December, Celsa refinanced its existing indebtedness in full on favourable terms, both in respect to maturity and cost. Together with the significant improvement in operating performance delivered by the value-creation plan launched in mid-2024, this refinancing has substantially strengthened Celsa’s financial and operational position.

Houlihan Lokey acted as financing advisor to Celsa, supporting the company throughout the execution of these transactions.

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