CVC-owned April preps rapid refi
French insurance brokerage April, a CVC portfolio company, has returned to the leveraged loan market to refinance the acquisition debt it raised in April, taking advantage of squeezed credit spreads and the expiry of its six month call protection.
Deutsche Bank is leading the €488.8m refinancing as sole physical bookrunner, joined by Citi, Natixis and Nomura. The acquisition facilities for the CVC takeover included €358m and €192m term loans, priced at 475bp and now to be refinanced, and a €100m revolver.Controlling shareholder Evolem, the investment vehicle ...
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