PT Chandra Asri Pacific Tbk has tapped KKR & Co’s insurance arm, Global Atlantic, to provide financing for its $1bn acquisition of Esso-branded service stations in Singapore from Exxon Mobil, according to a report by Bloomberg citing unnamed sources familiar with the deal.
Global Atlantic will supply a $750m unitranche facility at single-digit interest rates, with Chandra Asri funding the remaining $250m through equity, the sources said. Representatives for Chandra Asri, KKR, and Global Atlantic declined to comment.
The selection of Global Atlantic follows a competitive process, in which a consortium of banks and non-bank lenders—including the Indonesia Investment Authority, Allianz Global Investors, and Ares Management Corp – had been in discussions to provide a senior loan and mezzanine financing.
Chandra Asri signed a sale and purchase agreement last month via a special purpose vehicle under its wholly-owned subsidiary. The transaction remains subject to regulatory approvals, with the company targeting completion by year-end.
