03:38 PM EDT, 07/19/2024 (MT Newswires) -- Ares Management ( ARES ) and other lenders, including Oak Hill Advisors, have agreed to provide around $1.8 billion debt package to support Genstar Capital's acquisition of a stake in AffiniPay, Bloomberg reported Friday, citing people with knowledge of the matter.

The financing reportedly includes a $1.2 billion term loan and $300 million of preferred equity. Additionally, the package offers a $200 million delayed draw term loan and a $100 million revolving credit facility, the people told Bloomberg.

The stake purchase, expected to close in Q3, will give Genstar about 50% stake in AffiniPay, the people told Bloomberg.

Ares, Genstar, Oak Hill Advisors and AffiniPay did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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