July 16, 2019
Weil is representing the underwriters and lending banks on the high yield refinancing of existing debt of Domestic & General (D&G), the U.K.-based leading appliance care specialist. The refinancing is comprised of €200 million Floating Rate Notes due 2026, £305 million 6.5% Senior Secured Notes due 2026, £150 million 9.25% Senior Notes due 2027 and an £85 million super senior revolving credit facility.
The refinancing is being conducted in connection with the agreement between certain funds advised by CVC Capital Partners (CVC Funds) and an entity ultimately wholly-owned by the Abu Dhabi Investment Authority (ADIA) for ADIA to acquire a 30% stake in D&G. CVC Funds will continue as D&G's majority shareholder via CVC Fund VII. The acquisition is expected to close by the end of 2019, subject to customary merger control and regulatory clearances.
The Weil team is led by Banking & Finance partners Patrick Bright, Reena Gogna and Nitin Konchady, and also includes counsel Nenka Berberova, associates Alastair McVeigh, Stefan Monaghan, Isabel Carvalho, David Phillips, George Stamp, Ed Hyde and Sandra Fadel and trainee Zoe Wedderburn-Day.