The operation, which is expected to be completed in the coming days, continues the company's strategy of optimizing its debt structure and extending maturities, as it did last summer with a bond issue of 700 million that served to refinance previous issues that matured in December 2023 and 2025.

The 600 million in bonds issued now pursue four main objectives, such as redeeming the entire outstanding amount of the principal amount of 390 million of 4.75% senior secured bonds that were issued in 2019 and were due in 2025.

Also to repay 150 million of the outstanding amount of PIK Notes that matured in 2025 with an interest of between 7.25% and 8%. This is an issue that Blackstone made when it bought Cirsa in 2018, and which will now be liquidated.

Another destination will be to repay 42.5 million (representing 10%) of the 425 million principal amount of 10.375% senior secured bonds that it launched in 2022 maturing in 2027.

And the new issuance must also serve to pay the accrued and unpaid interest with respect to the 2025 bonds and the PIK bonds that are exchanged and the exchange premium and accrued and unpaid interest with respect to the 2027 bonds at 10.375% that are redeemed, as well as the fees and expenses associated with the offer.

Rating improvement

This new bond issue has been well received by the rating agencies that follow the company, so S&P has raised Cirsa's rating from B to B+.

For its part, Moody's has upgraded its outlook for the company from stable to positive.

On the other hand, Cirsa completed the transformation process into a public limited company at the end of 2023, a necessary step to go public, which has always been one of Blackstone's future options for the firm based in Terrassa (Barcelona), although It is not foreseen in the short term.