Private credit trio provides US$2.7B Squarespace financing
BNN Bloomberg
A small group of three private credit lenders will provide a US$2.65 billion credit facility to help finance Permira Holdings’s $6.9 billion acquisition of Squarespace Inc., according to people familiar with the matter.
Blackstone Inc. will hold half of the loan while Blue Owl Capital Inc. and Ares Management Corp. will each take a quarter of the facility, according to the people, who asked not to be identified because the details are private. Blue Owl is acting as administrative agent, the people said.
The facility consists of a $2.1 billion term loan, a $300 million delayed draw loan and a $250 million revolving credit facility, the people said. The deal to buy website-builder Squarespace is the second-largest leveraged buyout this year, and the private loan package is among the five biggest this year, according to data compiled by Bloomberg.
Representatives from Squarespace, Blackstone, Blue Owl and Ares declined to comment. A Permira representative didn’t immediately reply to requests for comment.
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