BlackRock Leads $675M Loan for Lexitas to Refinance Debt Issued for 2019 Apax Partners Buyout; Final Pricing at SOFR+500 Bps

Reporting: Paola Aurisicchio, Michael Haley

BlackRock’s direct lending platform has led a $675 million debt package to refinance Lexitas’ existing debt issued for its 2019 buyout by Apax Partners, according to sources.

Final pricing on Lexitas’ credit facility, which includes a delayed-draw term loan, came in the SOFR+500 bps area, according to sources. BlackRock led a group of up to four lenders, a source said.

Houston-based Lexitas, a provider of litigation support services to law firms and insurance companies, was acquired by Apax Partners from Trinity Hunt Partners in November 2019, according to a press release. Deloitte Corporate Finance LLC served as financial advisor to the Lexitas investors in the transaction, while Katten Muchin Rosenman LLP served as legal advisor, according to the release. Apax Funds were advised by William Blair & Co., Ernst & Young and Kirkland & Ellis LLP.

In February, Wolters Kluwer acquired Lexitas’ registered agent and corporate services division, called Registered Agent Solutions, for $415 million in cash, according to a press release.

KKR FS Income Trust owns a portion of Lexitas’ existing loan priced at SOFR+625 bps maturing in May 2029, according to Octus’, formerly Reorg’s, BDC Database. A list of Lexitas’ BDC creditors can be found in Octus’ BDC Database HERE.

BlackRock declined to comment. Apax Partners did not respond to requests for comments.