Reported 11 months ago
Carlyle Group Inc. and Goldman Sachs Private Credit have provided a $1.1 billion payment-in-kind note to fund administrator Apex Group, fueling growth. PIK debt allows the borrower to defer interest payments until maturity, with interest added to the principal amount. The transaction is set to support Apex's expansion, secured against holdco assets to increase debt capacity. Previously, Carlyle and Goldman Sachs had given preferred equity and further debt, while Apex's majority ownership lies with Genstar Capital, with minority stakes held by TA Associates, Carlyle, and Mubadala Investment Company.
Source: YAHOO