Business · Companies · 8 hrs ago
CVC seeks €800 million in loans as it prepares to sell its Exolum stake
CVC is negotiating about €800 million in loans to refinance Servet, the vehicle it uses to hold its 25% stake in Exolum.
The negotiations with banks led by Natixis and Société Générale include plans for a €340 million special dividend to CVC.
Servet currently owes about €465 million, and the proposed refinancing would extend the debt beyond 2028 and lower its cost.
CVC is also preparing to sell its stake, for which it is seeking about €1.6 billion.
Exolum operates major energy infrastructure in Spain, including about 6,000 kilometres of pipelines and 66 storage facilities.
CVC has held its stake since 2017 and has received about €450 million in ordinary dividends through Servet.
The refinancing talks and sale preparations are under way in parallel, but no completed deal is reported.
CVC is negotiating loans of about €800 million to refinance the debt of Servet, the vehicle through which it holds a 25% stake in Exolum.
The financing could also fund an extraordinary dividend of about €340 million for CVC.
The talks are taking place as CVC prepares to sell its stake and seeks about €1.6 billion for it.
The bank syndicate is led by Natixis and Société Générale, while Citi is advising CVC on the sale.
CVC is also seeking to extend the debt’s maturity beyond 2028 and reduce its interest cost.
- Who
- CVC, through its holding vehicle Servet, is negotiating with a bank syndicate led by Natixis and Société Générale.
- What
- CVC is seeking about €800 million in loans to refinance Servet’s debt and pay an extraordinary dividend of about €340 million. It is also preparing to sell its 25% stake in Exolum.
- When
- The negotiations and sale preparations are reported on 10 November 2026.
- Where
- Exolum is a Spanish hydrocarbon distributor. Servet is based in Luxembourg.
- Why
- CVC aims to refinance and reduce the cost of Servet’s debt, and to make its Exolum stake more attractive to potential buyers.
This story does not have two clearly opposing sides.
CVC acquired a 25% stake in Exolum, then called CLH, through its strategic opportunities fund.
Servet’s original financing was increased by €135 million to pay another dividend recap.
Stoneshield and Banca March jointly acquired APG’s 10% stake in Exolum.
Omers sold its 25% stake, most of which was acquired by Stoneshield.
CVC was reported to be negotiating about €800 million in loans while preparing to sell its Exolum stake.
- CVC stake in Exolum
- 25%
- Loans sought
- About €800 million
- Planned extraordinary dividend
- About €340 million
- Price sought for CVC stake
- About €1.6 billion
- Servet debt outstanding
- About €465 million
- Current debt interest rate
- Euribor plus 250 basis points