CVC Negotiates EUR 340 Million Dividend from Exolum with Banks

✦ Meridian Analysis

CVC is in the rumour stage of a dividend‑recapitalisation of Exolum, the Spanish fuel‑logistics and storage operator. The private‑equity firm is negotiating with a bank syndicate led by Natixis and Société Générale for roughly €800 million of new credit to refinance Servet, the Luxembourg vehicle that holds CVC’s 25 % stake in Exolum, and to fund an extraordinary dividend of about €340 million. The lenders would extend the maturity of Servet’s existing €465 million debt beyond 2028 and seek to lower the interest margin from Euribor + 250 bps, a move intended to make the equity package more attractive to prospective buyers. Parallel to the financing talks, CVC is preparing to sell its 25 % holding for an indicated €1.6 billion, with Citi acting as its adviser on the disposal. Exolum’s extensive network of 6,000 km of pipelines and 66 storage sites, together with an EBITDA forecast of €800 million by year‑end. The deal also comes amid a broader reshuffle of Exolum’s shareholder base – KKR, Stoneshield, Banca March and others have recently altered their stakes – and follows a competition‑law probe by the CNMC into alleged tariff abuses. Deal professionals will be looking for the final terms of the financing package, including any covenant structure and the exact pricing of the new loan. The price or multiple that CVC will achieve for its 25 % stake has not been disclosed, nor have the timelines for shareholder approvals or the impact of the CNMC investigation on the transaction.

The Meridian Weekly