A group of global private credit providers is set to fund a $976m (AUD1.4bn) loan supporting BGH Capital’s acquisition of Aspen Pharmacare Holdings’ Asia Pacific operations, according to a report by Bloomberg citing people familiar with the matter.
The lenders are understood to include Goldman Sachs Asset Management, Blackstone, and Apollo Global Management, highlighting the growing role of private credit in Australia’s leveraged buyout market.
In December, BGH announced that it had agreed to acquire Aspen’s Asia Pacific business for AUD2.37bn. The firm manages AUD6.8bn across 11 portfolio companies. The loan financing is covenant-lite, with leverage of around 6.5 times earnings, and is reportedly priced at 475 basis points over the Bank Bill Swap Bid Rate.
The deal comes as Australia’s private credit market faces increased regulatory scrutiny. The Australian Securities & Investments Commission has recently raised concerns around valuation practices, fee transparency, and conflicts of interest across the sector.
