Funeral group OGF to pay divi with €960m loan as OTPP ups stake

By Max Bower
08 Mar 2017

French funeral group OGF launched a €960m cov-lite term loan ‘B’ this week as minority owner Ontario Teachers’ Pension Plan plans to increase its stake to 74%.

The loan offers €310m of incremental debt, which will be used for dividend recapitalisation purposes. OGF signed a €650m loan in November, which is now being refinanced and enlarged.

Price guidance was set at 375bp over Euribor, offered at 99.75 to par with a 0% floor, after a ...

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