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Cash me outside — How about EBITDA-T?

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News and Analysis

Cash me outside — How about EBITDA-T?

Sasha Padbidri's avatar
  1. Sasha Padbidri
•2 min read

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Spanish waste management company Urbaser appears to be the first European leveraged credit to attempt a debt raise that features language permitting the company and its sponsor Platinum Equity to explicitly make tariff-based EBITDA adjustments.

The company is looking to raise €2.3bn split equally across a term loan B and senior secured notes via joint physical bookrunners Bank of America and Santander. Besides refinancing existing debt, proceeds of the transaction will also be used to pay out a juicy €1bn dividend to shareholders.

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