Baring Private Equity Asia has mandated eight banks to arrange a $570m loan to support its acquisition of the healthcare business of Hinduja Global Solutions.
The eight mandated lead arrangers and bookrunners are Bank Sinopac, DBS, Deutsche Bank, E.Sun Commercial Bank, HSBC, Korea Development Bank, MUFG Bank and Standard Chartered, according to two bankers.
The lead banks are still in the documentation process, but the syndication is likely to start soon, said one of the bankers.
GlobalCapital Asia reported last month that the PE fund was in talks with banks to raise a $570m five year loan. The leverage ratio is around 5.5 times.
The proceeds will be used to support the borrower's acquisition of Indian company HGS's healthcare business. HGS said in a press release on August 9 that it has agreed to sell the business unit to Baring for an enterprise value of $1.2bn.
The healthcare operation provides services including claims processing, clinical appeals and customer support. It has businesses in India, the Philippines, the US and Jamaica, and reported $400m in revenues for fiscal year 2021, which ended on March 31, 2021.