03:30 PM EDT, 05/23/2024 (MT Newswires) -- KKR (KKR) has struck a deal with private credit lenders for a AU$200 million ($133 million) loan for MYOB, an Australian accounting software firm it acquired in 2019, Bloomberg reported Thursday, citing people familiar with the situation.

The new loan for MYOB features a "payment-in-kind" option for interest capitalization and carries a margin of 525 basis points over the Australian benchmark rate, potentially rising to 575 points if MYOB elects to use the PIK option, the people told Bloomberg.

The loan will repay an AU$145 million junior debt tranche and finance an "earnout arrangement" for MYOB's acquisition of human resources fintech Flare in 2022, the report said.

KKR declined Bloomberg's request for comment.

KKR and MYOB did not immediately respond to MT Newswires' request for comments.

(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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