Blackstone Seeks Private Credit for $2.3 Billion Rover Buyout

Blackstone Inc. has approached direct lenders for help financing its $2.3 billion acquisition of Rover Group, seeking about $250 million of private debt, according to people with knowledge of the matter.

The private equity titan has sought a loan for the online pet care company that would pay interest of about 475 basis points over the Secured Overnight Financing Rate, the people said. Should Blackstone succeed in borrowing at that level, it would mark one of the cheapest private credit deals on record, according to data compiled by Bloomberg.

At least some lenders have pushed for a higher price, ...