Citi, Santander Prep Up to €4 Billion Debt for Urbaser Deal (1)

Citigroup Inc and Banco Santander SA are readying a debt package of up to €4 billion ($4.2 billion) to back a potential sale of Spanish waste-management company Urbaser SA.

The two banks are both advising on the process and offering the so-called staple financing to any potential buyer of the Platinum Equity-owned firm, according to people familiar with the matter. With final bids due in early 2025, other banks are also working on debt financings to get a spot on the deal, the people added.

Staple financings can make a sale process more attractive as they provide potential ...