Ares Leads $3.3 Billion Private Loan for UK Insurance Broker Ardonagh at Low Rate
- MDP-backed Ardonagh gets razor-thin margins for private loan
- GSAM among key lenders as bank resurgence drives prices down
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Ares Management Corp. is leading a $3.3 billion private credit loan for UK insurance broker Ardonagh Group Ltd., with the debt’s pricing among the lowest seen in direct lending, people with knowledge of the matter said.
Ardonagh’s loan is set to price at 475 basis points over a US reference rate, the people said, asking not to be identified. That would make it among the cheapest private credit deals on record, according to data compiled by Bloomberg. Goldman Sachs Group Inc.’s asset management division is also a significant lender, the people said.