London, United Kingdom - November 21, 2024 - Galaxy Bidco Limited, a parent entity of Domestic & General, a leading international subscription provider of appliance care services embedded in the manufacturer and retail ecosystems, announced today the marketing of a euro-denominated GBP 450m-equivalent term loan B due 2029, as part of a broader plan to refinance its existing capital structure.
Deal details:
- Company: Domestic and General
- Borrower: Galaxy Bidco Limited
- Facility: Term Loan B due 2029
- Business: leading international subscription provider of appliance care services embedded in the manufacturer and retail ecosystems
- Use of Proceeds: proceeds, alongside £350m other senior secured debt, to be used for repayment of existing secured and unsecured indebtedness (including drawings under the revolver) as well as pay indicative fees and expenses
- Currency: EUR
- Size: GBP 450m-equivalent
- Call Protection: 6m 101 SC
- Expected Corporate Ratings (M/S): B2/B
- Expected Instrument Ratings (M/S): B2/B
- Joint Global Coordinators and Physical Bookrunners: Barclays (Lead Left), BofA, Lloyds, Natwest
- Joint Global Coordinators and Bookrunners: Mizuho, UBS, GS
- Agent: Natwest
- Dealsite: debtdomain
- Global Lender Call: Monday 25 November 2024, 10am UKT
- Commitments Due: Thursday 5 December 2024, 12pm UKT
This announcement is for information purposes only and does not constitute an offer to purchase securities or a solicitation of an offer to sell securities and shall not be deemed to be an offer to purchase, a solicitation of an offer to sell or a solicitation of consents with respect to any securities of the Company, the Borrower or their affiliates.
About Domestic & General
D&G operates across 12 markets, including the UK, Europe and the US, protecting around 22 million appliances and serving approximately 6.5 million subscription customers. D&G has approximately 3,000 employees. D&G has a simple and transparent product range and a strong and resilient position in the home. D&G’s products protect customers from the cost and inconvenience of appliance breakdown by repairing or replacing key household items such as washing machines, heating, TVs and consumer electronics. D&G repairs around 2.6 million appliances every year. D&G remains focused on driving global growth, underpinned by flexible and scalable technology foundations, while transforming the customer experience through innovative digital and data product solutions. All of our efforts are underpinned by an open, inclusive and progressive culture running right through our business. We’re proud of this culture and, more broadly, our endeavours to encourage sustainability by promoting and facilitating repairs for our customers.
Forward Looking Statements
This release may contain forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts included in this release including, without limitation, statements regarding Domestic & General’s future financial position, risks and uncertainties related to its business, strategy, capital expenditures, projected costs and Domestic & General’s plans and objectives for future operations, may be deemed to be forward-looking statements. Words such as “believe,” “expect,” “anticipate,” “may,” “assume,” “plan,” “intend,” “will,” “should,” “estimate,” “risk,” and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. You should not place undue reliance on these forward-looking statements. Domestic & General does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information:
Sam Turvey at H/Advisors Maitland
+44 207 379 5151 (UK number).
domesticandgeneral@h-advisors.global