Blackstone Inc is deploying more than $1bn in private credit to refinance loans tied to clinical trial software company Signant Health, according to a report by Bloomberg. The investment company will reportedly hold more than half the total debt, with other direct lenders joining in the future.
The deal replaces existing bank-led leveraged loans with a direct lending facility arranged by Blackstone, with the debt offered at 4.75 percentage points over the Secured Overnight Financing Rate. It will include a unitranche loan, a delayed-draw term loan, and a revolving credit facility.
Signant also reportedly has around $230m in second-lien term loan debt and an $80m revolving credit facility. It was originally acquired as CRF Health by Genstar before being merged with portfolio company Bracket in 2018.
