Ares Leads Private Credit in Upsized Loan for Veritas Deal

A group of private credit lenders led by Ares Management Corp. upsized their loan to a health-care software platform being acquired by Veritas Capital, leveraging a powerful clause that ensures the firm’s existing debt stays in place while the company changes hands.

The lenders boosted the loan for Global Healthcare Exchange to about $1.6 billion from an original amount of $1.3 billion, according to people familiar with the matter, who asked not to be identified discussing private information. Veritas used a so-called portability clause, which allows firms to carry over or “port” existing borrowings when their ownership changes.