Blackstone (NYSE: BX) is in talks with private credit lenders to raise as much as $2.8 billion in financing for its audio-visual and event-services company Encore Group USA LLC to address its upcoming maturities, according to Bloomberg News.

The package may include a $2.3 billion unitranche, a mix of junior and senior debt typically provided by direct lenders, Bloomberg reported. The unitranche will come in addition to a $500 million preferred equity raise that Blackstone has been working on, which was previously reported. The refinancing comes as the broader credit markets continue to rally and private credit firms try to deploy the record amount of dry powder they’ve raised.