Blackstone Credit, Goldman Sachs Asset Management, PSP Investments, Golub and Park Square-SMBC are set to provide EUR 970m in financing to support Permira’s buyout of Gossler, Gobert & Wolters Group (GGW), three sources familiar with the situation said.

The financing includes a EUR 675m covenant-lite unitranche to support the German insurance broker, priced at Euribor+ 575bps, two of the sources said. The facility has an OID of 97.5, one of them added.

The second piece of the buyout financing is a EUR 295m delayed drawn term loan designated for acquisitive growth, two sources said.

Financing parties are set to sign the deal on Monday (18 December), one of the sources added.

Permira acquired GGW from HG earlier this month in a deal valued at approximately EUR 1.5bn.

Financiers were pitching hard to support the buyout during a competitive auction process run by Morgan Stanley and Houlihan Lokey for the German insurance business. Lenders were working off EBITDA of circa EUR 120m, leveraging the business at around 6x, as reported ahead of the sale.

Goldman Sachs, Blackstone, Park Square, SMBC and Permira declined to comment. PSP and Golub did not respond to requests for comment.