Private Credit Provided $500 Million for Goldman’s Insurance LBO

Goldman Sachs Group Inc.’s asset management arm turned to a group of direct lenders for a $500 million debt package used to finance its purchase of DOXA Insurance Holdings.

The insurance distribution company received a $223 million term loan — bringing its leverage to around 6.25 times — and access to a $50 million revolver, according to a person familiar with the matter. The deal was jointly led by Ares Management Corp., Golub Capital Partners and KKR & Co., according to people familiar with the transaction, who asked not to be identified because the details are ...