CVC-backed Douglas raises €300m, reprices existing debt

The new debt is priced at 325 basis points (bps) over Euribor, while the existing facility was priced at 350bps, a 25bps reduction on its original margin.

The new facility will be used to fund and refinance the purchase price of the LLG and Bodybell bolt-on transactions, as well as for general corporate purposes.

CVC acquired the German company from Advent International in June 2015. The Kreke family, which manages the business, reinvested for a 15% stake as part of the reported €2.8bn deal. Advent acquired Douglas via a public tender offer in 2013, in a deal valuing the business at around €1.5bn.

At completion of its most recent acquisitions, Douglas managed 1,700 stores and several online retail platforms in 19 European countries. In 2016, Douglas posted €2.7bn in revenues and currently employs 18,000 people.

Deutsche Bank acted as sole physical bookrunner and global coordinator in the repricing, along with Goldman Sachs, JP Morgan and UniCredit as joint bookrunners.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Refinancing
• DACH
• Consumer
• Germany
• CVC Capital Partners
• Refinancing