Blackstone’s Encore in Talks for $2.8 Billion in Private Finance
- The funds raised will be used to refinance debt coming due
- Audio-visual and event-services firm rebounded since pandemic
This article is for subscribers only.
Blackstone Inc. is in talks with private credit lenders to raise as much as $2.8 billion in financing for its audio-visual and event-services company Encore Group USA LLC to address its upcoming maturities, according to people with knowledge of the matter.
The package may include a $2.3 billion unitranche, a mix of junior and senior debt typically provided by direct lenders, said the people, who asked not to be identified as the details are private. The lenders have been discussing pricing the facility at 5 percentage points over the Secured Overnight Financing Rate, with a discounted price of 98 cents on the dollar, they added.