The Carlyle Group has reached an agreement with a group of banks to raise over $1 billion to support its planned acquisition of Mumbai-based Hexaware Technologies. The debt facility is likely to be structured as a one-year bridge loan, which will be later taken out by an international bond offering, according to the report.
Carlyle has emerged as the preferred bidder for Baring Private Equity Asia owned IT services firm Hexaware for a $3 billion acquisition.
If successful, it would be winning a competitive bidding process against peers including KKR & Co. and Bain Capital, as well as French company Teleperformance SE for Hexaware, the agency added
After the acquisition, the company issues high-yield corporate bonds backed by its cash flows that will be used to repay the bridge loan.
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