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Blackstone and Goldman Sachs to provide most of $900m Depot Connect direct loan

Blackstone and Goldman Sachs Asset Management are providing the largest portions of a $900m direct loan to Depot Connect International, which KKR & Co’s portfolio company will use to refinance more expensive private debt, according to a report by Bloomberg.

The report cites unnamed people with knowledge of the matter in revealing that Apollo Global Management is also participating in the deal, which will pay 4.75 percentage points over the Secured Overnight Financing Rate, or around 1.75 percentage points below the company’s existing debt.

According to one of Bloomberg’s sources, the loan to DCI, which provides solutions for tank containers including cleaning, repairs, maintenance, transport and storage, comes with one of the smallest issue discounts in private credit at 99.75 cents on the dollar, and is being arranged by KKR’s capital markets team.

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