HPS Investment Partners and Blue Owl Capital are providing a $1.2bn private credit package to support GTCR’s acquisition of home security provider SimpliSafe from Hellman & Friedman, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the seven-year unitranche loan is priced at around 500 basis points over the US benchmark rate. The deal follows reports that GTCR agreed to acquire SimpliSafe at an enterprise value of roughly $2.5bn.
Direct lenders have increasingly edged out banks in recent buyout financings, with Blackstone and Ares recently arranging $3.6bn of debt for Warburg Pincus’ acquisition of Park Place Technologies. Private credit funds have also led refinancings for Wrench Group, Vantage Specialty Chemicals and Syndigo.
Hellman & Friedman bought SimpliSafe in 2018 and secured a $200m financing round in 2022 led by Capital One to support expansion and debt repayment.
