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PE-owned Park Place secures $2bn private debt deal with Blackstone

Park Place Technologies has secured a roughly $2bn financing package from a group of private lenders led by Blackstone, which will be used to refinance its existing debt and provide a payout to the company’s private equity owners GTCR and Charlesbank Capital Partners, according to a report by Bloomberg.

The report cites unnamed people with knowledge of the mater as revealing that Blue Owl Capital also participated in the new financing, which includes a loan of around $1.7bn, a revolving credit facility and a delayed-draw term loan.

According to Bloomberg’s sources, the funds will be used to refinance a $845m first-lien loan that was initially provided by banks and syndicated to institutional investors, as well as a privately placed $230m second-lien loan, as well providing a dividend payment to GTCR and Charlesbank.

Chicago-based GTCR acquired Park Place in 2015 and sold a stake in the company to Boston-based Charlesbank in 2019.

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