Apollo Global Management and Silver Point Capital have led a $900m direct lending package for Vantage Specialty Chemicals, providing fresh financing to replace the Illinois-based company’s existing bank-arranged debt, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as confirming that Oak Hill Advisors also participated in the transaction.
Vantage, owned by HIG Capital, has shifted away from traditional syndicated lending in favour of private credit, reflecting a broader market trend as sponsors look for greater flexibility and less onerous disclosure requirements. The deal comes after Fitch Ratings withdrew its B- grade for the company, following the refinancing of its senior secured term loan and revolving credit facility. Fitch had previously warned of tightening liquidity and weak earnings expectations.
HIG originally carved out Vantage in 2008, sold it in 2012, and reacquired it in 2017.
