A group of direct lenders provided a debt package used to finance the acquisition of insurance distribution company DOXA Insurance Holdings by the asset management arm of Goldman Sachs Group, according to a report by Bloomberg.
The report cites an unnamed source familiar with the matter as revealing that the financing took the form of a $233m term loan, access to a $50 million revolver, and an additional $221m delayed draw term loan to provide access additional capital.
The deal, which closed in late 2023 with 6.25 times leverage, was jointly led by Ares Management, Golub Capital Partners and KKR & Co.
The investment will be used to finance DOXA’s acquisition strategy and growth initiatives, the company said in a statement in November.
