Blackstone has led a £1.5bn ($2bn) private credit package to fund Permira’s £2.3bn acquisition of JTC Plc, marking one of the largest private credit financings in Europe this year, according to Bloomberg.

The debt package comprises £1.1bn in senior loans, a £250m delayed-draw term loan, and a £150m revolving credit facility, with tranches denominated in sterling, euros, and dollars. The sterling and euro portions are priced at 475 basis points over benchmark rates, while the dollar tranche is priced at 450 basis points, according to sources familiar with the matter.

Alongside Blackstone, other lenders participating in the financing include CVC Credit, Singapore’s sovereign fund GIC, Oak Hill Advisors, Blue Owl Capital, PSP Investments, and Jefferies.

The financing supports Permira’s take-private of JTC, a London-listed fund administration and corporate services group. The deal, backed by CPPIB, was announced earlier this week after Permira outbid Warburg Pincus. JTC’s board has unanimously recommended the offer to shareholders.

The transaction underscores private credit’s expanding role in large-cap European buyouts, as direct lenders continue to compete with traditional syndicated loan markets.

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