Codorníu Negotiates 240 Million Euro Financing Package with Banks for Debt Refinancing and Dividend

✦ Meridian Analysis

Codorníu, the Catalan cava and wine group in which Carlyle holds a 68 % stake, is in the rumoured stage of negotiating a €240 million financing package with a syndicate of national and international banks. The structure comprises a €200 million term loan and a €40 million revolving credit facility, intended to refinance the company’s existing €157 million debt – of which €127 million is a long‑term loan and €30 million consists of ancillary lines – and to fund a dividend of roughly €100 million to shareholders. The minority Raventós family own the remaining 32 % of the equity. The lenders, including BBVA, Santander, BNPParibas and Crédit Agricole, provide the refinancing capital. The deal is being coordinated by Morgan Stanley and Banco Santander, but no terms, leverage ratios or pricing have been disclosed. The transaction illustrates how private‑equity‑backed consumer companies in Europe are using dividend recaps to return capital to investors even as they continue to grow organically. Earlier this month Meridian reported Idealista Group’s €158 million shareholder distribution following its acquisition by Cinven. Deal professionals will be watching for the final financing terms, including the interest rate structure, covenant package and any equity kicker, as well as the timeline for board and shareholder approvals. The exact pricing of the new facilities, the final dividend amount and the identity of any additional advisory banks have not been disclosed, and the completion target of year‑end remains subject to regulatory and lender sign‑off.

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