(Bloomberg) -- The Ardonagh Group is considering refinancing its entire debt stack to help finance more acquisitions, in a deal that would rank among the largest ever for private credit.

The UK insurance broker is in talks with lenders about refinancing its outstanding loans and introducing fresh acquisition lines, people with knowledge of the matter said. The debt held by Ardonagh totaled over £3.1 billion ($3.9 billion) as of December 2022, with the vast majority maturing in 2026, according to its latest UK filings.

Ardonagh is well-known in the $1.6 trillion private credit market, having secured what was the largest-ever loan from a group of private credit funds in 2020. In September, Ares provided a direct-lending package worth about £1 billion to support the sale of its personal insurance business to Markerstudy.

Ardonagh counts HPS Investment Partners and Madison Dearborn Partners as significant shareholders. Spokespeople for both firms declined to comment, while Ardonagh did not immediately respond to a request for comment. Conversations with lenders are ongoing and still may not result in a deal.

Read more: U.K.’s Ardonagh Secures Giant Loan for Major Shopping Spree

The potential for a jumbo refinancing comes just weeks after private credit funds provided a record €4.5 billion ($4.9 billion) loan to back the buyout of Adevinta ASA. 

©2023 Bloomberg L.P.