Led by Ares Management, the funding package includes a $5bn term loan and a $500m revolving credit facility. The facility replaces an earlier $5.75bn bridge loan and highlights the growing dominance of direct lenders in large-cap leveraged buyouts, as traditional banks take a reduced role in marquee deals. The financing also drew support from a syndicate of private credit and capital markets firms including Clearlake Capital Markets, Golub Capital, and Blue Owl Capital. Morgan Stanley acted both as arranger and syndication conduit, facilitating participation from asset managers ahead of closing. The transaction showcases private equity's increasing reliance on private credit solutions for large-scale acquisitions. Clearlake originally used a 364-day bridge loan to secure the deal, but refinanced within 60 days, reportedly recouping up to 75% of associated fees. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll...
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