Case Study

Biffa Limited refinances outstanding USPP Notes following takeover

Biffa Limited is a leading integrated waste management company in the UK. The Company offers waste collection, surplus redistribution, recycling, treatment, disposal and energy generation services.

At a Glance

At a Glance

We first established a lending relationship with Biffa in May 2021, while the Company was still publicly listed. In September 2022, Biffa announced it would be taken private by Energy Capital Partners (“ECP”), a US-based infrastructure private equity fund. Following its takeover in January 2023, ECP desired to refinance the balance sheet.

In May 2023, we closed a transaction to refinance our existing £150 million Notes and upsize our holdings to £200 million to help finance the takeover. ECP and Biffa chose to work with us again given our relationship-based approach, flexibility in funding structure, investment appetite, and amenability during the refinancing process.

We are excited to extend our partnership with Biffa by providing long-term capital that supports both the Company’s and ECP’s goals. Our repeat investment reinforces our relationship-based approach, appetite to fund large hold sizes, and ability to offer tailored solutions.

Relationship Since 2021
 
Transaction details:
  • £200,000,000 Senior Secured Notes

“We are very pleased to be working with PGIM on the refinancing of our USPP Notes. Their flexibility in funding structure and amendments to the terms of our new Notes will support our long-term growth plans.”

Bhav Grewal Head of Group Treasury, Biffa Limited

<p>“We are very pleased to be working with PGIM on the refinancing of our USPP Notes. Their flexibility in funding structure and amendments to the terms of our new Notes will support our long-term growth plans.”</p>

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