Private Debt Firms Take on Banks With £1.25 Billion for Iris Buyout
- Financing set to be dual-track process, may include PIK notes
- Direct lenders compete with banks on large-scale financing
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Direct-lending funds are working to provide as much as £1.25 billion ($1.5 billion) for the potential buyout of the UK’s Iris Software.
Investment banks are also looking to assemble the funding, according to people with knowledge of the matter — making it one of the latest so-called dual-track processes, where both banks and direct lending funds compete. Blackstone Inc., EQT, KKR & Co. and TPG are some of the interested parties looking to buy Iris Software from Hg, several of the people said.