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Thursday, February 2, 2023
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Linklaters helps CVC with its €1.6bn debt refinancing in Naturgy

Linklaters has advised CVC Capital Partners on the refinancing of its €1.6 billion loan of its 20% acquisition of Naturgy

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The private equity giant CVC Capital Partners has agreed with the banks to refinance its €1.6 billion loan with which it financed the purchase of 20% of Naturgy. It has managed to extend the maturity of this liability from 2024 to 2027, a necessary step to retain its stake in the gas company.

CVC Capital Partners acquired a 20 per cent share in Spanish utility Gas Natural Fenosa in 2018, a deal worth €3.8 billion. CVC acquired the share from Spanish oil group Repsol and joined Global Infrastructure Partners (20 percent) and investment group CriteriaCaixa (24.4 percent) as the listed utility’s major shareholders. CVC carried out this deal through Rioja Acquisitions, in which Corporación Financiera Alba also participates.

CVC has now agreed to extend the maturities of the liabilities with more than twenty financial institutions. Santander, CaixaBank, Crédit Agricole, Société Générale and Natixis acted as coordinating banks for the financing.

Linklaters advised CVC Capital Partners with a team formed by partner Juan Barona, managing associate Javier Hernández and associate Francisco Ruiz.

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