The Carlyle Group is seeking approximately $1.2bn through a syndicated loan to refinance debt linked to its 2021 acquisition of Indian IT services firm Hexaware Technologies, according to a report by Bloomberg citing unnamed sources familiar with the deal.
The five-year facility is being underwritten by a consortium of eight banks, including Citigroup, Deutsche Bank, and HSBC, and will replace a $1bn bond issued through Carlyle’s special purpose vehicle, CA Magnum Holdings, as part of the original transaction. The new loan is expected to price at 333 basis points over the Secured Overnight Financing Rate (SOFR) and is currently being syndicated to broader credit markets.
Carlyle has not commented on the refinancing effort.
The transaction comes on the heels of Hexaware’s successful $1bn IPO in February, which marked India’s largest listing of the year to date. The public offering attracted substantial interest from international institutional investors, including the Government of Singapore and Abu Dhabi Investment Authority, further bolstering the company’s market profile.
Carlyle originally acquired a 95% stake in Hexaware in 2021, financing the deal in part through the issuance of $1 billion in notes. Hexaware, headquartered in Mumbai, provides IT and business process outsourcing services to global clients across industries.
