Bain Capital Credit and UBS have provided a combined A$540 million loan to Aidacare, the Australian health-equipment manufacturer owned by Quadrant Private Equity, to fund a dividend recapitalization. The six-year facility will pay a margin of 500 basis points over the local Bank Bill Swap Bid Rate.

This transaction highlights Australia's emergence as one of the most active private credit markets in Asia Pacific, where global alternative asset managers are expanding aggressively. The Aidacare deal follows other significant private credit financings, including a recently announced $10 billion loan for Australian AI startup Firmus Technologies. Private credit continues to command a premium over public markets, with junk bond spreads averaging below 300 basis points globally.

For Quadrant, the refinancing provides capital return flexibility without requiring a sale or IPO, while the transaction underscores the structural shift in buyout finance away from traditional leveraged loan markets. The deal demonstrates how dividend recapitalizations are increasingly being funded through private credit structures, offering institutional investors higher-yielding debt opportunities despite reduced liquidity.