Blackstone Leads $4 Billion Private Debt for Health Tech Firm

Blackstone Inc. led a direct loan of just under $4 billion to Clario, a clinical trial manager for biopharmaceutical and health care companies, in one of the largest private credit deals so far this year, according to a person with knowledge of the matter.

The transaction, in which Blackstone is the largest lender, includes a unitranche facility, as well as a delayed-draw term loan and a revolver, the person said. Blue Owl Capital Inc. is also a lender on the deal, according to the person. Delayed-draw loans allow a company to tap debt at a later date.

The loan ...