ICG's DomusVi secures refinancing

The fresh debt package was provided by BNP Paribas, Crédit Agricole, Deutsche Bank, Natixis and Societe Generale. The debt will be covenant-free and will not trigger a dividend for shareholders, a spokesperson for ICG confirmed.

ICG and French family holding Sagesse Retraite Santé (SRS), an investment vehicle controlled by DomusVi's founder, Yves Journel, bought PAI Partners' majority stake held in DomusVi earlier this year. CDC IC, part of the French state's investment arm Caisse des Dépôts, acquired a minority stake as part of the deal.  

ICG was then expected to use existing bond facilities in place with the company to part-finance the deal, taking advantage of the portability feature on the €800m+ facilities already in place. The deal was likely to be fully refinanced at a later date.

Company
Founded in 1983 and headquartered in Paris, DomusVi manages private nursing homes, focusing on elderly care. Currently, the business provides services to 42,000 residents and customers with 315 nursing homes, 16 residential facilities, five mental care facilities and 50 home care agencies throughout France, Spain and China. The group employs more than 28,000 people.

The company's EBITDA is expected to amount to €180m in 2017 against €117m in 2016, according to French daily Capital Finance.

Advisers
Company – Lazard, François Guichot-Pérère, Aurélien Gore Coty (corporate finance); Latham & Watkins, Xavier Farde (legal).

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• Refinancing