Blue Owl Capital and Oak Hill Advisors are leading a $1.3bn private debt financing package for Wrench Group, the US residential services company backed by Leonard Green & Partners, TSG Consumer Partners and Oak Hill Capital, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the deal refinances Wrench’s existing bank-arranged debt and comprises a term loan, delayed-draw loan and revolving credit facility. The term loan was priced at 4.75 percentage points over the benchmark rate and sold at a discount of 99 cents on the dollar, one of the people said.
Crescent Capital Group is also among the participating lenders, with Blue Owl acting as administrative agent.
Jefferies, which had led Wrench’s leveraged loan deal last year, informed lenders that the company’s outstanding loan would be repaid through the new private credit facility.
Wrench, which provides residential HVAC, plumbing and electrical services, last tapped the loan market in February 2024 to extend the maturity of an $893m first-lien facility. That deal priced at 4 percentage points over the benchmark rate.
The refinancing follows other recent sponsor-backed private credit transactions, including BlackRock’s $1bn-plus package for Syndigo.
