AXA turns on lending taps

Michael Bow
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EUROPE’S largest ever unitranche financing deal closed yesterday after AXA Private Equity inked a €220m (£189.6m) loan facility for private equity firm PAI Partners.

Single tranche financing, which rolls senior and subordinated debt into one package, has become an increasingly popular way for firms to fund buyout deals since banks became more cautious on lending.

AXA yesterday signed off the loan facility to PAI to fund its acquisition of industrial supplies distributor IPH Group from Investcorp.

The loan facility adds to the €700m Axa has already committed in unitranche financing since 2011.