London-based card reader maker SumUp has secured a €1.5bn private credit loan package from a group of lenders led by Goldman Sachs. Other participants include BlackRock, Apollo Global Management, Oaktree Capital Management and Vista Credit Partners.
According to a press statement, cash from the round – one of the largest European private credit deals of its kind in recent years – will be used to “refinance existing debt and seize global growth opportunities”.
A report from Reuters cites unnamed sources familiar with the mater in revealing that pricing of the loan is set to come in at 650 basis points over the benchmark rate, down from the 825 points listed in public filings, and it is expected to be issued at a discounted price of 99 cents on the euro.
SumUp’s new investors include AllianceBernstein, Arini, Deutsche Bank, Fortress Investment Group and SilverRock Financial Services, joining existing investors such as funds managed by BlackRock, Crestline Investors, Liquidity Capital, Oaktree Capital Management, Sentinel Dome and Temasek.
Read more:Private Equity Wire
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