Goldman Sachs, KKR, and PSP Investments Lend €1.4 Billion in PIK Debt for Stada Acquisition

Goldman Sachs Asset Management and KKR & Co. are among lenders providing €1.4 billion of payment-in-kind debt to back CapVest Partners' acquisition of a majority stake in German drugmaker Stada Arzneimittel AG. The deal includes a portability clause, allowing the majority of Stada's debt to stay in place. Stada will look to raise up to €400 million of senior debt to replace a small portion of existing financing.