June 12 (Bloomberg) -- Blackstone Group LP is preparing to announce its largest-ever credit deal, with more than $1 billion of fund commitments, an executive said today.
The agreement, which the firm expects will be announced as soon as today, is an acquisition financing deal with a North American company, Bennett Goodman, the head of Blackstone’s credit business, said at the firm’s fourth investor day in New York.
The company is an existing client of Blackstone’s credit business, known as GSO, and the firm lent $100 million to $125 million to the company about two years ago, Goodman said. The company is seeking financing for an acquisition that will make it a “global player” in its industry, he said.
GSO oversees $66 billion of credit.