Investing.com -- Cooper’s Hawk Winery & Restaurants is planning to tap private credit markets to refinance its debt as it prepares for an initial public offering, according to Bloomberg, citing sources familiar with the matter.

The restaurant chain and wine club, which is backed by Ares Management (NYSE: ARES ) Corp., has enlisted Jefferies Financial Group Inc. to contact direct lenders in an effort to secure up to $400 million in debt and growth capital, the sources said.

Cooper’s Hawk has already prepared an S-1 registration statement for the potential IPO. This marks the company’s second attempt at going public, as it previously considered an offering in 2022 when it was targeting a valuation exceeding $1 billion.

The company’s renewed IPO efforts come as it seeks to restructure its finances with the help of private credit, a growing alternative to traditional bank lending.

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