Private lenders led by Apollo Global Management Inc. and Blackstone Inc. are providing a $4 billion loan to support Thoma Bravo’s acquisition of Boeing Co.’s flight navigation unit and other digital assets, according to people with knowledge of the deal.
The seven-year financing will carry an interest rate of 4.75 percentage points over the benchmark rate, said the people, who asked not to be identified discussing a private transaction. Apollo and Blackstone are the largest lenders with allocations of equal size, they added.
Other lenders involved include Ares Management Corp., Blue Owl Capital Inc., KKR & Co. and JPMorgan Chase & Co., which is participating via its private credit effort, the people said.
Terms of the financing and the exact lender group are not yet finalized and could still change, the people said. Representatives for Apollo, Blackstone, Ares, Blue Owl, KKR, JPMorgan and Thoma Bravo declined to comment, while Boeing didn’t respond to requests for comment.
Boeing agreed to sell its Jeppesen navigation unit and other assets, including Boeing’s ForeFlight, AerData and OzRunways subsidiaries to Thoma Bravo for $10.6 billion, according to a statement Tuesday confirming a Bloomberg News report.
