| LONDON, March 13
LONDON, March 13 Shareholders to Spanish sports
management company Dorna Sports are set to take a third payout
from the company in six years as they prepare to launch an
€889m-equivalent dividend recapitalisation, banking sources said
Bridgepoint bought Dorna in 2006 from CVC and in 2013,
Canada Pension Plan Investment Board made a 39% equity
investment in the company. In 2011 Dorna conducted a €420m
dividend recapitalisation, followed by a €715m dividend
recapitalisation in 2014.
“It’s a high performing company, a cash cow,” one of the
Bridgepoint declined to comment. CPPIB was not immediately
available to comment.
BNP Paribas, Citigroup, JP Morgan, Nomura and Societe
Generale are leading the dividend recapitalisation, which is set
to pay between €200m-€300m as a dividend, the sources said.
A bank meeting is set to take place in London on Monday to
show the €889m seven-year covenant-lite term loan to investors,
which will include a carve out of up to US$90m.
The financing will refinance a dual-currency €615m term loan
B, which included a small US$50m carve-out, priced at 400bp,
that was raised in the 2014 dividend recapitalisation. That deal
also included a €100 second-lien and a €10m revolving credit
Dorna holds exclusive global rights to organise the FIM Road
Racing World Championship until 2041 and the FIM World Superbike
Championship until 2036.
(Editing by Christopher Mangham)