Key Takeaways
- • Blackstone is arranging a $200 million loan to refinance a sponsor-financing facility raised in 2022 for its acquisition of a majority stake in ASK Investment Managers, according to Venture Intelligence News citing Economic Times.
- • The existing facility is due to mature in 2027, so the refinancing extends the debt maturity profile ahead of that date.
- • The loan is syndicated among four banks: Cathay United Bank, First Abu Dhabi Bank, Mizuho, and Standard Chartered.
- • Blackstone acquired its majority stake in the Mumbai-based asset and wealth manager from Advent International and other shareholders in August 2021.
Summary
Global private equity firm Blackstone is arranging a $200 million loan to refinance a sponsor-financing facility it raised in 2022 for its acquisition of a majority stake in ASK Investment Managers, the Mumbai-based asset and wealth management company, according to Venture Intelligence News, which cited Economic Times. The existing loan is due to mature in 2027, and the refinancing is being structured to replace that facility ahead of its maturity.
The transaction is syndicated among four lenders: Cathay United Bank, First Abu Dhabi Bank, Mizuho, and Standard Chartered. The participation of a mix of international banks reflects the continued appetite of global lenders for sponsor-backed financing in Indian asset management assets.
Blackstone had acquired its majority stake in ASK Investment Managers in August 2021, buying from Advent International and other shareholders. The current refinancing relates to the acquisition-related credit line rather than to any change in the firm's ownership of ASK, and the source material does not disclose the loan's pricing or other terms.
The transaction is syndicated among four lenders: Cathay United Bank, First Abu Dhabi Bank, Mizuho, and Standard Chartered. The participation of a mix of international banks reflects the continued appetite of global lenders for sponsor-backed financing in Indian asset management assets.
Blackstone had acquired its majority stake in ASK Investment Managers in August 2021, buying from Advent International and other shareholders. The current refinancing relates to the acquisition-related credit line rather than to any change in the firm's ownership of ASK, and the source material does not disclose the loan's pricing or other terms.
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