Blue Owl Leads Private Debt Deal for Smartsheet Buyout
- 21 direct lenders participated in the $3.2 billion financing
- Crowded lender group signals pent-up demand for deals
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Blue Owl Capital Inc. led the $3.2 billion private debt financing supporting Blackstone Inc. and Vista Equity Partners’ buyout of software firm Smartsheet Inc., with 20 other lenders participating, according to a person with knowledge of the matter.
With fewer large buyouts swirling, direct lenders with record amounts of cash to deploy have had to fight for positions in club deals. Earlier this year, a record 24 lenders participated in a private credit deal for UK insurance broker The Ardonagh Group Ltd.