Bain Capital Credit LP and UBS Group AG are lending a combined A$540 million ($382 million) to an Australian health-equipment manufacturer Aidacare Pty., according to people familiar with the matter, in the latest example of private credit being used to help finance stakeholder returns.
The loan is for six years and the proceeds will fund a dividend payout to the company’s private equity owner Quadrant Private Equity Pty and refinance debt, according to the people who asked not to be identified as the talks are private. Representatives for Bain and UBS declined to comment, while Aidacare and Quadrant didn’t immediately respond to requests for comment.