A private equity-consortium led by Permira and Blackstone, has secured a record €4.5bn from private credit funds to help fund the acquisition of Adevinta in a deal that values the European classified ads company at around €14bn, according to a report by Bloomberg.
The report cites unnamed sources with knowledge of the matter as confirming that the buyout loan is structured as a unitranche, a blend of senior and subordinated debt that’s popular among private credit lenders.
The Canada Pension Plan Investment Board, Blackstone’s credit unit, and Singaporean sovereign wealth fund GIC are among the biggest lenders in the deal, according to Bloomberg’s sources, while Intermediate Capital Group Plc, Arcmont Asset Management, Sixth Street Partners, and the asset management arm of Goldman Sachs Group Inc, are also reportedly top-tier participants.
At current exchange rates, the loan tops a $4.8bn unitranche for Finastra Group Holdings Ltd that a separate group of lenders provided a few months ago.
