The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

A dignified buy-out

Franklin: an expert on death
and taxes

Taking the advice of Benjamin Franklin that "in this world nothing can be said to be certain, except death and taxes" CIBC has latched on to a new source of stable cashflow - funeral services.

The Canadian bank has underwritten (or should that be undertaken?) a leveraged debt package that backs the £220 million management buy-out of Dignity Funeral Services, the UK's largest such company, which arranges 75,000 funerals and 40,000 cremations a year.

Despite the morbid business - Franklin's other certainty is comparatively jolly - the £140 million senior debt part of the financing was well supported in syndication, with lending banks claiming the deal was backed by a "solid customer base that is growing all the time".

However, the other part of the debt financing, a $40 million mezzanine tranche, was lambasted by investors who claimed the pricing was too aggressive.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree