Blackstone Leads £1.5 Billion Private Credit Deal for JTC Buyout

Blackstone Inc. is leading a £1.5 billion ($2 billion) private credit package for Permira’s buyout of JTC Plc, according to regulatory filings.

The private capital giant is joined by CVC Credit and Singapore’s GIC, which are also providing significant amounts. Others involved in the deal include Oak Hill Advisors, Blue Owl Capital, Canada’s Public Sector Pension Investment Board and Jefferies.

The debt is made up of £1.1 billion worth of senior loans, plus a delayed draw term loan and a revolving credit facility worth £250 million and £150 million respectively. The drawn debt is broken up into sterling, euro and dollar tranches.

Pricing on the sterling and euro portions is 475 basis points over the respective reference rates, while the dollar tranche was priced at a premium of 450 basis points, people with knowledge of the matter said.

Spokespeople for the institutions involved either declined to comment or didn’t immediately respond to requests for comment.

Earlier this week, Permira agreed to acquire JTC, a London-listed provider of fund solutions and corporate services, for £2.3 billion. The board of JTC plans to unanimously recommend the bid to shareholders. The Permira-led consortium, which also includes Canada Pension Plan Investment Board, beat out rival proposals from Warburg Pincus.