News & Announcements

Weil Advises on £800M Refinancing of CVC Portfolio Company Domestic & General

Weil advised Barclays Bank PLC, Merrill Lynch International, Lloyds Bank Corporate Markets plc and NatWest Markets Plc, as Joint Global Coordinators and Joint Physical Bookrunners, and CVC Capital Markets S.à r.l. UK Branch, Goldman Sachs International, Mizuho International plc and UBS AG London Branch, as Joint Bookrunners, in connection with CVC Capital Partners portfolio company Domestic & General’s offering of £350.0 million 8.1250% senior secured notes due 2029 and new senior credit facilities comprising (i) a euro-denominated senior secured term loan facility with aggregate principal amount of €545.0 million and (ii) a multi‑currency senior secured revolving credit facility in an aggregate principal amount of £165.0 million.

The proceeds of the offering of the senior secured notes were used by Domestic & General, together with drawings under the term loan facility, to (i) redeem its existing senior secured and unsecured notes, (ii) repay and cancel its existing senior secured revolving credit facility and (iii) pay certain costs, expenses and fees related to the transaction.

Domestic & General is a leading large-scale service provider of subscription-based appliance care, operating across 12 key markets, including the United Kingdom, Spain, Germany, France, Portugal, Italy and the United States.

The Weil team was led by Finance partner Alastair McVeigh and High Yield partners Gilles Teerlinck and Andy Hagan, and included counsels Angela Ryu and Michael McDonald and associates Awen Carnot, David St-Onge, Dimeji Ademiju, Jessica Lee, Martin Bontea, Roberto Storlazzi and Saahil Sheth in London, with U.S. tax advice from partner Greg Featherman and associate Carlos Parra.

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