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CVC Said to Plan High-Yield Bonds for Cerved Buyout Financing

Jan. 3 (Bloomberg) -- CVC Capital Partners Ltd. is said to be planning to raise about 780 million euros ($1 billion) from high-yield bonds to finance its buyout of Cerved Group SpA, an Italian business credit information provider.

The senior and subordinated notes will be offered to investors in the second half of January, according to a person with knowledge of the transaction, who declined to be named because the deal is private. The proposed drawn debt represents about 5.5 times Cerved’s earnings before interest, tax, depreciation and amortization, the person said.

Credit Suisse Group AG, Deutsche Bank AG and HSBC Holdings Plc provided committed financing to support the 1.13 billion-euro buyout, CVC said in an e-mailed statement yesterday.

Alessandro Lozzia, a spokesman for CVC in Italy, declined to comment on details of the debt financing.

The financing package also includes a 75 million-euro revolving credit facility, the person said. Under a revolver, money repaid can be borrowed again.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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