Celsa has successfully completed its refinancing. As part of the transaction, Celsa is issuing €600 million ($702m) of HoldCo PIK notes, co-led by funds managed by Strategic Value Partners and its affiliates (SVP), alongside a €1.2 billion issuance of senior secured bonds, SVP says.
Celsa’s low-emission EAF-based production is expected to create a competitive advantage for the firm ahead of anticipated EU changes that will reduce free CO2 allowances for European industrial producers as of 1 January 2026, an SVP spokesperson tells Kallanish.
“The completion of our debt refinancing marks the final milestone in the operational and financial transformation we began in 2023,” says Celsa chief executive Jordi Cazorla. “We are entering a favourable environment and are now able to capitalise on the positive market and expected regulatory developments in the near term. The continued support of our shareholders and financing partners remains invaluable throughout this journey.”
SVP co-led the financial restructuring of Celsa in 2022 and subsequently became a significant minority shareholder. Since then, Celsa, under a new management team, board and shareholder base, has completed a financial and operational turnaround, with shareholders contributing more than €900m of equity to facilitate the development of a comprehensive value-creation plan and complete refinancing.
“The business is now well positioned to take advantage of significant tailwinds in the coming years including the positive outlook for one of its main markets, construction, that will present an opportunity to strengthen its financial performance,” notes Álvaro Fabián, managing director, European Investment Team at SVP.
Celsa generated sales of €3.35 billion and adjusted Ebitda of €451m in the 12 months to September 2025, and employs 5,232 people.
SVP believes Celsa’s performance will be strengthened going forward by the value-creation plan providing cost and revenue enhancements, as well as the EU’s new trade regime supporting increased steelmaking utilisation and margins. Construction sector growth is also anticipated in Celsa’s markets, by 3.4% in Spain and 5.2% annually in Poland between 2024 and 2027.
