CVC in Talks With Private Credit Funds to Refinance WebPros Debt

(Bloomberg) — CVC Capital Partners is in talks with private credit lenders to finance a dividend recapitalization of Swiss software business WebPros, according to people with knowledge of the matter.

CVC is looking to raise about $1 billion through a unitranche loan, priced at about 525 basis points over the Secured Overnight Financing Rate, said the people, who requested anonymity discussing private matters.

The prospective debt would be refinancing a $540 million leveraged loan that WebPros issued in 2024, according to data compiled by Bloomberg. The deal would allow CVC to take some cash off the table through a dividend, the people said.

It would mark a rare instance where a business moves from leveraged-loans to private credit. Typically, the traffic goes the other way as companies with private credit grow and seek tighter pricing in the broadly-syndicated markets.

The debt is also expected to have a portability clause, the people added, meaning that it does not have to be refinanced if CVC chooses to sell the company.

Discussions are ongoing and, if the deal goes ahead, the pricing, size and structure still may change, the people said. A spokesperson for CVC declined to comment, while WebPros did not immediately respond to a request for comment.

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