Private investment firm CVC Capital Partners is in discussions with private credit funds to refinance Swiss software company WebPros in a dividend recapitalisation, according to a report by Bloomberg citing unnamed sources familiar with the matter. The firm is targeting around $1bn through a unitranche facility, priced at roughly 525 basis points over SOFR, which would replace a $540m leveraged loan issued by WebPros in 2024. The refinancing would allow CVC to extract cash via a dividend, marking an unusual shift from leveraged-loan markets into private credit – a flow typically seen in the opposite direction. The debt is expected to include a portability clause, giving CVC flexibility in case of a future sale. Terms remain subject to change as talks continue.