Hanoi: Vietnamese conglomerate Vingroup JSC is seeking an around US$300mil private credit loan to purchase KKR & Co’s stake of about 38% in its education subsidiary Vinschool, according to people familiar with the matter.
UBS is approaching private credit funds to garner interest for the proposed loan, the people said, who asked not to be identified discussing private matters.
If the deal materialises, it will help KKR exit its investment in Vinschool. KKR, UBS and Vingroup declined to comment.
The financing adds to Asia’s growing private credit space, a US$1.7 trillion global asset class that’s luring more players.
The education sector has been one of the beneficiaries. XCL Education, a school owner and operator backed by private equity firm TPG, recently obtained a US$400mil private credit loan to refinance its existing debt, Bloomberg News reported.
In 2023, HPS Investment Partners, KKR & Co and Nomura jointly provided a S$265mil uni-tranche facility to The Learning Lab also for the same purpose. Vingroup has tapped the private-debt markets before.
In 2023, its real estate arm Vinhomes JSC obtained a US$250mil private loan from a group of lenders including SeaTown Holdings International, Deutsche Bank, Tahan Capital and Varde Partners.
Vinschool is a kindergarten to 12th grade education system, operating under and funded by parent company, Vingroup. — Bloomberg
