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(Bloomberg) -- Ares Management Corp. and Blackstone Inc. are joining forces to provide a $1.43 billion-equivalent private credit loan package for Swedish property manager Odevo AB, people with knowledge of the matter said.
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The move to refinance debt follows CVC Capital Partners’ acquisition of a stake in Odevo in August. The private equity giant joined a group of existing investors led by Swedish firm Fidelio Capital in a deal that valued the business at more than $3 billion.
The fresh debt consists of a $1.1 billion unitranche loan and a $330 million undrawn term loan on top of that, said the people, who requested anonymity when discussing private matters. There are tranches in euros, dollars, sterling and Swedish krona.
Spokespeople for Ares, CVC, Fidelio and Blackstone declined to comment. A representative for Odevo did not immediately respond to a request for comment.
Odevo was formed through a combination of Sweden’s Nabo and SBC with UK-based Rendall & Rittner. Since then, the business has grown rapidly through further acquisitions, snapping up companies such as Finnish property manager Retta Isännöinti Oy and William Douglas Management, which gave it a major presence in North and South Carolina.
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