Goldman Sachs Asset Management, Blackstone, and Apollo are providing a $976m private credit facility to finance BGH Capital’s acquisition of Aspen Pharmacare Holdings’ Asia Pacific business, according to a Bloomberg report.

The loan underpins a A$2.37bn transaction and underscores the growing importance of private credit in financing large buyouts in Australia. The financing is covenant-lite, carries leverage of around 6.5x earnings, and pays a margin of roughly 475 basis points over the Bank Bill Swap Bid Rate, according to people familiar with the matter.

The transaction highlights how private equity firms are increasingly turning to private credit as traditional bank lending remains constrained. However, the deal also comes as Australia’s regulator has stepped up scrutiny of the asset class, citing concerns over valuations, fee transparency, and conflicts of interest.

BGH Capital manages A$6.8bn across 11 portfolio companies, and the Aspen transaction represents one of its largest deals to date, backed by some of the world’s largest alternative credit providers

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