CVC to refinance Formula One Group

It will replace $2.92bn worth of debt with a $2.27bn facility, thereby extending maturities from 2013/14 to 2017/18, in a process reportedly handled by Goldman Sachs and the Royal Bank of Scotland.

CVC stated the refinancing will provide its portfolio company with a secure, long-term capital structure.

Reports in financial press have suggested the refinancing will be followed by a $1bn dividend, but this was specifically denied by CVC, claiming the proceeds will be kept within the group for general corporate purposes.

CVC took a controlling stake in the Formula One Group in 2006. The deal was believed to be in the range of $1.7bn and was reportedly supported by a debt package from the Royal Bank of Scotland.

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• Topics
• UK / Ireland
• United Kingdom
• Refinancing
• CVC Capital Partners