HPS Leads £800 Million Private-Credit Deal for Ocorian

(Bloomberg) -- HPS Investment Partners LLC is leading a group of lenders providing about £800 million ($1 billion) of private credit to Ocorian Ltd., an investment management business backed by Inflexion Plc, people with knowledge of the matter said.

Apollo Global Management Inc., Carlyle Group Inc. and Goldman Sachs Asset Management are also involved in the deal, according to the people said, who requested anonymity because the matter is private. The debt will refinance an existing unitranche loan from Ares Management Corp.

A spokesperson for Inflexion declined to comment. Carlyle, Goldman and Ares also declined to comment, while Apollo, HPS and Ocorian did not immediately respond to a request for comment.

Inflexion initially invested in Jersey-based Ocorian in 2016. Since then, Ocorian has made 11 acquisitions to grow the business, according to a statement on Inflexion’s website. The firm now has earnings before interest, taxes, depreciation, and amortization of around £100 million, the people said.

--With assistance from Kat Hidalgo.