Banks Beat Private Credit to €1.9 Billion Diot-Siaci Debt (1)

A group of banks have beaten private credit lenders to arrange debt financing for French insurance broker Diot-Siaci, involving a loan of around €1.9 billion ($2.2 billion) as part of a capital reorganization.

The revamp includes a new minority owner and the refinancing of Diot-Siaci’s existing debt, according to people familiar with the matter, who asked not to be identified because the matter is private. The term loan B launched on Wednesday, marketed at initial pricing of 375 basis points over Euribor.

Private credit funds lost out on the deal after readying a potential debt package in recent months, ...