CVC launches triple tranche bond for final Domestic & General divi

Broken Washing Machine
By Owen Sanderson
10 Jul 2019

CVC Capital Partners’ sale of UK warranty provider Domestic & General explored public markets but found a better bid from another CVC fund teaming up with Abu Dhabi Investment Authority. The company announced on Wednesday that it would pay a final dividend to the old CVC fund, as part of an all-bond refinancing of its capital structure ahead of a transfer to the new owners.

CVC bought the company in 2013, through CVC Capital Partners Fund V, but by September last year, it was looking for an exit. It hired Rothschild to advise, as well as BarclaysBank of America, and Credit Suisseto explore an IPO. Sky News suggested a potential valuation around ...

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