Vista-Owned Finastra Clinches Record-Topping $5.3B US Private Credit Loan
Private lenders including Oak Hill Advisors, Blue Owl Capital, and HPS Investment Partners are delivering a record-breaking $5.3 billion loan package to Finastra Group Holdings Ltd, a fintech startup owned by Vista Equity Partners, according to Bloomberg.
The arrangement, which includes a $4.8 billion unitranche, a mix of senior and subordinated debt, and a $500 million revolver facility, is the largest private credit loan ever made in the US, citing data from KBRA DLD.
Finastra’s deal differs from Zendesk’s previous $5 billion record set a year ago, as well as other large deals such as an unused $5.5 billion package for Cotiviti and a $3.4 billion Galway Insurance deal, in that it is being used to refinance existing debt raised in the US and European leveraged loan markets, rather than to finance buyouts.