Shearman & Sterling represented the underwriters, led by Barclays Bank PLC, in connection with Spanish company Befesa Zinc's €300 million high yield bond offering. The company will use the proceeds from the bond offering to repay existing debt.

Befesa specializes in the recycling of steel dust (generated during steel production from the processing of scrap steel) and stainless steel dust. Befesa’s primary activities are the collection and recycling of steel dust and stainless steel dust, as well as the production of waelz oxide which is used in zinc production.

The Shearman & Sterling team of lawyers in the firm's London, Frankfurt, Paris, Abu Dhabi and New York offices was led by capital markets partner Jacques McChesney. He was assisted by partners Bertrand Sénéchal and Apostolos Gkoutzinis, associate Rob Beard, and trainee Alexius Chong. The team also included finance partners Esther Jansen, Iain Goalen and Patrick Clancy, counsel Gabrielle Wong, and associates Tersia Pillay, Sebastian Cohnen, Monsiree Jirasarunya, and Alexae Fournier. Associate Amy Lewis advised on tax aspects of the offering.