PE Firms Get Private Loan to Buy KKR’s Stake in Bread Maker

Orion Capital Asia has provided a $32 million loan to two private equity firms for their purchase of a stake in an Indonesian bread company, according to people familiar with the matter, adding to a wave of private debt-funded deals emerging across Asia.

The loan for Leafgreen Capital Pte. and Gateway Partners Ltd. carries a five-year tenor, the people said, who asked not to be identified discussing private matters. It backs the purchase of Demeter Indo Investment Pte., which holds a 22.2% stake in Nippon Indosari Corpindo, known for its Sari Roti brand, they said, adding that the stake is being acquired from an affiliate of KKR & Co. and valued at $125 million.