Ares Management and Antares Capital have arranged a $1bn private credit financing for PLZ Corp, a Pritzker family-backed cleaning products manufacturer. The deal allows PLZ to repay existing term loan lenders ahead of August maturities, avoiding a potentially lengthy extension process and stabilizing its capital structure. Bloomberg sources confirm the transaction provides a definitive solution for PLZ, which faced pressure from high leverage and weaker cash flow, leading to a 2025 credit rating downgrade.

PLZ had previously sold its automotive glass cleaner unit to strengthen liquidity before the refinancing. The refinancing highlights private credit's growing role in offering flexible solutions for companies with tangible assets navigating near-term debt obligations.