Private credit investors are exploring a debt package of approximately £1.3bn ($1.8bn) to support a potential take-private transaction for London-listed fund solutions and corporate services provider JTC Plc, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter, highlighting that the move comes as private equity firms Warburg Pincus and Permira engage with the company on potential bids. The proposed financing is based on JTC’s EBITDA of around £150m, with suitors reportedly targeting leverage of roughly eight times earnings and pricing at 475 basis points above Sonia – a relatively tight margin for private credit.
Discussions remain ongoing, and terms could shift if the transaction proceeds.
JTC, led by CEO Nigel Le Quesne, remains publicly listed after a series of recent sector buyouts, including Intertrust NV for €1.8bn and Sanne Group Plc for £1.5bn.
