Record $5 Billion Direct Loan Sought by HPS-Backed Ardonagh [BNN Bloomberg (Canada)]
SCHIBSTED UNSP/ADR (SBSNY)
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Source: BNN Bloomberg
Ardonagh is seeking as much as $5 billion to help refinance debt, re-organize its balance sheet and fund fresh acquisitions. The firm is well-known in the rapidly-expanding market, having secured what was then the biggest-ever loan from a group of private credit funds in 2020. The company has also spoken to banks about potential financing options outside of the private credit market, some of the people said. It counts HPS Investment Partners and Madison Dearborn Partners as significant shareholders. Spokespeople for both firms didn't immediately respond to requests for comment. Ardonagh declined to comment. Read more: HPS-Backed Ardonagh Mulls Refinancing $3.9 Billion Debt Pile Conversations with lenders are ongoing and still may not result in a deal. But if it does go ahead, a package totaling $5 billion would be the largest to ever land in the market, topping the €4.5 billion ($4.9 billion) that backed the buyout of Adevinta ASA. --With assistance from Neil Callanan. ©202
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