Blackstone and Ares Are Teaming Up for a $2 Billion Private Loan for Mimecast Buyout
- The unitranche loan will finance acquisition by Permira
- Debt is latest big financing to go to private credit market
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Blackstone Inc. and Ares Management Corp. have provided a $2 billion loan to help fund the acquisition of Mimecast Ltd. by Permira Advisers, the latest big buyout to be financed in the private credit market that’s seen a surge in larger debt deals this year.
The loan will be in the form of a unitranche, which blends first-priority and subordinated debt into a single facility, according to a person with knowledge of the matter, who asked not to be identified because the details are private.