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Thoma Bravo Turns Back to Wall Street to Refinance Private Loan

  • ConnectWise syndicated loan will refinance unitranche debt
  • Competition between direct lenders and Wall Street heating up
Pedestrians walk along Wall Street near the New York Stock Exchange.
Photographer: Michael Nagle/Bloomberg

Thoma Bravo is a fan of multibillion-dollar private loans to fund buyouts -- the kind that bypass Wall Street’s syndicated-lending desks altogether. But it’s not turning its back on banks for good.

The private equity firm has tapped a group of lenders led by Bank of America Corp. to refinance a unitranche loan for software company ConnectWise LLC. It’s a win for a leveraged loan market that’s lost out on a slew of debt deals this year for big acquisitions that were funded by the private credit market -- including some inked by Thoma Bravo itself.