KKR Leads $3 Billion Private Debt Deal for Thoma Bravo's Flexera, Adds Almost $1 Billion to Capital Structure

KKR leads a $3 billion private debt deal for Thoma Bravo-owned Flexera, refinancing existing debt and paying out a dividend. The financing includes a $2.03 billion term loan, a €590 million loan, and a $150 million revolving credit facility, sold at 4.75 percentage points over benchmarks. Private credit lenders are offering higher leverage ratios to remain competitive, adding flexibility for companies to make acquisitions or fund dividends. Thoma Bravo has tapped private credit for several portfolio companies, including a $4 billion deal in April.