Ares and Antares have arranged a private credit financing for PLZ Corp., as the lenders support the refinancing of approximately $1bn in debt for the PPC Partners-backed business, according to Bloomberg sources.

The transaction allowed PLZ to repay existing term loan lenders ahead of maturities due in August, avoiding a potential extension process and stabilising its capital structure.

PLZ, a manufacturer of cleaning products, is backed by PPC Partners, an investment firm founded by members of the Pritzker family.

The deal highlights private credit’s growing role in providing flexible refinancing solutions, particularly for companies navigating near-term maturities.

PLZ had been working with Houlihan Lokey to address its debt position, with lenders previously preparing for extension discussions. Instead, the refinancing provides a more definitive solution, supported by private credit capital.

The transaction also reflects a broader shift in private credit markets, where lenders are increasingly focusing on businesses with tangible assets that can support collateralised lending.

PLZ previously sold its automotive glass cleaner unit to strengthen liquidity, reinforcing its balance sheet ahead of the refinancing. The company had faced pressure from high leverage and weaker cash flow generation, with its credit rating downgraded in 2025.

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