Citigroup (C) and Banco Santander (SAN) are preparing a debt package of up to 4 billion euros ($4.22 billion) to support the potential sale of Platinum Equity-owned waste-management company Urbaser, Bloomberg reported Wednesday, citing unnamed sources familiar with the matter.

The banks are offering staple financing to potential buyers, with final bids expected in early 2025, according to the report.

The debt package will likely include funded debt of between 2.1 billion euros and 2.5 billion euros, to be split between term loans and high-yield bonds, along with 1.5 billion euros in unfunded debt, the report said.

Citi, Banco Santander, Urbaser did not immediately respond to requests for comment from MT Newswires.

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