Shearman & Sterling represented Citigroup Global Markets Limited and Barclays Bank PLC as joint bookrunners on Bilbao (Luxembourg) S.A.’s offering of €150 million of its 10.50%/11.25% PIK Toggle Notes due 2018. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on October 24, 2013.

The proceeds from the offering were used to partially repay funds made available to the group by Triton, a leading private equity firm in German-speaking and Nordic countries, in connection with its acquisition of Befesa Medio Ambiente S.L.

Befesa is a leading European steel dust and salt slag recycling company with 17 steel and aluminium recycling plants and 19 industrial waste management facilities in 10 countries, including Spain, Sweden, France, United Kingdom and South Korea.

The Shearman & Sterling team included partner Jacques McChesney (London-Capital Markets), associates Kara Major (London-Capital Markets) and Ana Grbec (London-Capital Markets), seconded trainee Stella Yeung (London-Capital Markets) and seconded associate Thomas Ingerslev. Counsel Mehran Massih (London-Capital Markets) and associate Hartmut Häselbarth (Frankfurt-Capital Markets) advised on environmental matters. Partner Kristen Garry (Washington, DC-Tax) and associate Judy Fischer (Washington, DC-Tax) advised on tax matters. Partner Julian Tucker (London-Finance) and associate David Shennan (London-Finance) advised the trustee.