Constellation Automotive Secures £1.3 Billion Debt Funding from Apollo, HPS, and KKR
Apollo Global Management and HPS Investment Partners have joined KKR & Co in providing £1.3 billion (US$1.64 billion) in debt financing to Constellation Automotive Group.
The funding was initially arranged by KKR through a private unitranche loan. KKR subsequently syndicated portions of the debt to other private credit firms, including Hayfin Capital Management.
Constellation Automotive, owned by TDR Capital, has opted for private market financing despite a recent trend among companies toward public markets. The borrower reportedly has over £2 billion in outstanding debt.
Representatives from Apollo, KKR, and Hayfin declined to comment. HPS was not immediately available for comment.