TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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August 14, 2025
Source: MSN.com
KKR (NYSE:KKR) is reportedly taking the lead on a private credit package of ~$3B to refinance Flexera Software's syndicated debt and initiate a dividend.
Flexera is a portfolio company of closely held private equity firm Thoma Bravo. KKR's (NYSE:KKR) credit arm will provide the largest amount of financing, Bloomberg News reported, citing people with knowledge of the matter. Others included in the deal are Blackstone (BX), Ares Management (ARES), HPS Investment Partners, and Golub Capital, along with Thoma Bravo's own credit business, they said.
The financing consists of a $2.03B term loan, a €590M ($689M) loan, and a $150M a revolving credit facility, the people said. Both loans are being sold at 4.75 percentage points above their respective dollar- and euro-denominated benchmarks.
While banks have been attracting business to refinance private credit loans using lower rates, direct lenders are offering higher leverage ratios to remain competitive, Bloomberg said.
Flexera's new debt will refinance a $1.95B syndicated leveraged loan due in 2028, Bloomberg reported in June. The new credit package will add almost $1B to Flexera's capital structure, according to data compiled by Bloomberg.
