Private Credit Lends $574 Million for Standish Stake Sale to THL

Private credit lenders are providing a $574 million debt package to help finance Thomas H. Lee Partners LP’s acquisition of a majority stake in Standish Management, according to people with knowledge of the matter.

(Bloomberg) — Private credit lenders are providing a $574 million debt package to help finance Thomas H. Lee Partners LP’s acquisition of a majority stake in Standish Management, according to people with knowledge of the matter.

Firms including HPS Investment Partners, Neuberger Berman, and Stone Point Capital are part of the financing, said the people, who asked not to be named because details of the transaction are private.

The debt consists of a $459 million first-lien term loan, a $50 million delayed-draw term loan, and a $65 million revolving credit facility, the people said.

Representatives for HPS, Neuberger Berman and THL declined to comment. Representatives for Stone Point and Standish didn’t immediately respond to requests for comment.

Private equity firm THL agreed in July to buy a majority stake in Standish Management in a deal that values the company at around $1.6 billion, including debt, Reuters reported at the time. The company provides fund administration services, according to its website.

The financing deal highlights the growing presence of private credit firms within the buyout arena. A group of lenders led by Oak Hill Advisors and Blue Owl Capital Inc. are providing what is expected to be the biggest private credit loan ever to help Vista Equity Partners refinance Finastra Group Holdings Ltd.’s debt. 

–With assistance from Kamaron Leach.

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