(Bloomberg) -- A group of private credit lenders led by KKR & Co. and Oak Hill Advisors provided a $2.775 billion loan to help finance Clarience Technologies’ acquisition of Safe Fleet, according to people with knowledge of the matter.

The seven-year unitranche facility, which blends senior and junior debt, will pay interest at 5.75 percentage points over the Secured Overnight Financing Rate and wrapped up at a discounted price of 98 cents on the dollar, the people said, asking not to be named discussing a private transaction.

KKR acted as administrative agent, the people said. Oak Hill Advisors served as a joint lead arranger on the unitranche facility, the investment firm said in a statement. 

Clarience Technologies, which creates vehicle safety equipment like lighting and signals, announced on Thursday the completion of its acquisition of Safe Fleet. 

A representative for KKR declined to comment. Oak Hill and Clarience declined to comment beyond the contents of their statements, which didn’t provide any terms. A representative for Genstar Capital, which owns Clarience, didn’t respond to requests for comment.

The transaction is the latest green shoot in debt-financed acquisitions financed by private credit lenders after a relatively slow start to the year. KKR also recently acted as lead private credit lender on a $2.34 billion unitranche debt facility for MB2 Dental Solutions.

--With assistance from Ellen Schneider.

(Adds details of lenders’ roles throughout.)

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