VFS Global, the world’s largest visa outsourcing giant with roots in Zurich and Dubai, is gearing up to lock in fresh funding worth around $2 billion. The move isn’t about expansion—it’s about reshaping its balance sheet, refinancing older borrowings, and covering transaction costs.
The financing is structured as a mix of U.S. dollar and euro term loans. For the dollar tranche, the talk is around a seven-year loan with pricing at 300 basis points above SOFR, while the euro side is marked at 325 basis points over Euribor.
Barclays and Deutsche Bank are steering the deal as lead arrangers, while a heavyweight roster of banks—Abu Dhabi Commercial Bank, Bank of America, Citi, NatWest, and Standard Chartered—are joining in with supporting roles.
VFS Global, now majority-backed by funds managed by Blackstone, also counts Switzerland’s Kuoni and the Hugentobler Foundation among its stakeholders. The company continues to run one of the broadest global footprints in outsourced visa and consular services, spanning more than 140 countries.
