Blue Owl, Oak Hill Lead $1.3 Billion of Private Debt for Wrench

A group of private credit firms led by Blue Owl Capital Inc. and Oak Hill Advisors is providing $1.3 billion of debt to Wrench Group to replace the residential services company’s bank financing, according to people with knowledge of the matter.

The package includes a term loan, a delayed-draw loan and revolving credit facility, said the people, who asked not to be identified discussing private information. The term loan bears interest at 4.75 percentage points over the US benchmark and sold a discount of 99 cents on the dollar, one of the people said.

Wrench, which provides residential HVAC, plumbing ...