Blackstone has made a $200m Carlyle is pursuing a $1.2bn syndicated loan to refinance debt linked to its 2021 acquisition of Indian IT services firm Hexaware Technologies, according to a Bloomberg report citing sources close to the matter.

The five-year facility is being arranged by a syndicate of eight global banks, including Citigroup, Deutsche Bank, and HSBC. The loan will replace a $1bn bond originally issued via Carlyle’s special purpose vehicle CA Magnum Holdings to help fund the buyout. The new financing is expected to price at 333 basis points over SOFR and is currently being marketed to broader credit investors.

This refinancing initiative follows Hexaware’s highly successful $1bn IPO in February, which became India’s largest stock market listing of 2025 to date. The offering drew significant interest from global institutional investors, including the Government of Singapore and Abu Dhabi Investment Authority, elevating Hexaware’s public market profile.

Carlyle acquired a 95% stake in Hexaware in 2021, structuring the deal through a combination of equity and bond financing. Based in Mumbai, Hexaware delivers IT and business process outsourcing (BPO) solutions to enterprise clients globally, spanning sectors such as banking, healthcare, insurance, and logistics.

The proposed refinancing signals Carlyle’s continued confidence in Hexaware’s long-term growth potential and marks another strategic move in optimising capital structure following a milestone public listing.

Source: Bloomberg

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