KKR Seeks $500 Million Loan for School Operator XCL Stake Buy

KKR & Co. is seeking a $500 million loan to back its acquisition of a majority stake in school operator XCL Education Holdings Pte., according to people familiar with the matter.

The proposed five-year loan carries an interest margin of 300 basis points over the benchmark Secured Overnight Financing Rate, the people said, who asked not to be named discussing private matters. BNP Paribas SA, DBS Bank Holdings Ltd., HSBC Holdings Plc, ING Bank and Standard Chartered Plc are leading the financing, they said.