Article
Apollo to Lead $750M Private Credit Loan for Stone Point-Backed Allied to Fund Dividend Recap, Refinancing
Apollo is leading a $750 million private credit loan for Stone Point Capital-backed health insurance provider Allied Benefit Systems to fund a dividend recap and refinance debt, according to sources.
Pricing on the Apollo-led $750 million term loan for Allied is coming at around SOFR+500 bps, according to sources. About $300 million in proceeds from the loan will be used to finance the dividend recap while the remainder will be used to refinance existing debt.
Additionally, Truist is expected to arrange a revolving credit facility for Allied as part of the transaction, according to sources, who cautioned that terms on the deal were subject to change.
Stone Point Capital made a strategic investment in Allied in 2021, according to a press release.
Chicago-based Allied provides customized benefits solutions, medical management and cost control strategies to self-insured employer groups across the United States, according to Stone Point Capital’s website.
Private credit deals in the health insurance sector can be found in Octus’ Private Credit dashboard HERE.
A list of BDC creditors for Allied can be found in Octus’ BDC Database HERE. A list of CLO lenders to Allied can be found HERE.
Truist declined to comment. Apollo, Stone Point Capital and Allied Benefit Systems did not respond to requests for comment.
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