Galway Insurance receives $3.4B in private debt for refinancing

Galway Insurance Holdings received $3.4 billion in debt financing, market sources said. The financing is the largest private credit deal ever tracked by LCD.

Antares Capital led the deal and was administrative agent. Lead arrangers and bookrunners were Ares, Golub, KKR and HPS. In total, there were 21 participants, although some took very small holdings.

The loan facility included a unitranche, a delayed-draw term loan and a revolver. Pricing was L+525, with a 0.75% Floor, offered at 98, market sources said.

Proceeds are earmarked to refinance debt and provide extra capacity for future acquisitions.

Private equity firm Harvest Partners recapitalized the insurance distribution firm in 2020.