Boston-based Bain Capital Specialty Finance Inc. and San Francisco-based Pantheon Ventures (US) LP’s private credit business formed a joint venture called the International Senior Loan Program LLC.
The tie-up will offer private direct lending solutions to middle-market borrowers primarily across Europe and Australia.
Bain Capital will hold a 70.5% equity stake in the venture, while Pantheon Ventures will own the remaining 29.5% stake.
Bain Capital will contribute approximately $320 million in principal amount of senior secured loans, which will serve as the initial capital for the International Senior Loan Program. As a result of the expected transfer of the loans, Bain Capital expects its pro forma ending debt-to-equity ratio will go down to 1.1x from 1.3x as of Dec. 31, 2020.
The transfer of the loans to the joint venture is expected to occur by the end of February.
Source: S&P Global
Can’t stop reading? Read more
CPP Investments adds C$750m to Northleaf programme to deepen Canada focus
CPP Investments adds C$750m to Northleaf programme to deepen Canada focus CPP Investments has...
H.I.G. closes €1.6bn European lower middle-market fund above target
H.I.G. closes €1.6bn European lower middle-market fund above target H.I.G. Capital has completed...
Carlyle’s wealth platform doubles as private markets gain share of portfolios
Carlyle’s wealth platform doubles as private markets gain share of portfolios Carlyle Group’s...