A Brutal Week for Private Lenders Ends With Big Banks Scoring Wins
- Carlyle’s deal for healthcare tech firm Cotiviti falls apart
- Blackstone hires banks to refinance private credit debt
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It was poised to be a massive win for the $1.4 trillion private credit market: a $5.5 billion financing that a group of direct lenders appeared to have wrestled away from some of the world’s biggest banks.
Instead, they were left empty-handed as the deal behind the financing — in which Carlyle Group Inc. would have bought a stake in Veritas Capital-backed health-care technology firm Cotiviti Inc. — collapsed.