KKR Picks Private Loans Over Underwritten Bank Deal for Karo (1)

KKR signed up direct lenders for its acquisition of Karo Healthcare, steering the deal away from the banks it had picked to underwrite the initial loans.

Apollo Global Management Inc. is leading private lenders after proposing an alternative to the broadly syndicated loan package that was in place, people with knowledge of the matter said.

The direct lenders, which also include Goldman Sachs Asset Management,CVC, JPMorgan Chase & Co., Jefferies and KKR’s own credit unit, signed a deal to provide about €1.1 billion ($1.3 billion) in a unitranche — a blend of junior and senior debt, according to ...