Morgan Stanley Pitching $4 Billion Debt for IT Company Kaseya
- Deal to refinance private debt of Insight Partners-backed firm
- Broadly syndicated deal would lower interest expense
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Morgan Stanley is sounding out investors for nearly $4 billion in leveraged loans for Insight Partners-backed Kaseya Inc. to refinance the IT management software company’s private debt, according to people with knowledge of the matter.
The proposed deal includes two tranches: a roughly $3 billion first-lien loan and a second-lien portion of just under $1 billion, said the people, who asked not to be identified discussing a private transaction. Early pricing for the first-lien loan is being discussed at 3.25 percentage points above the benchmark rate, with the more junior tranche in the high-4 percentage point range above the benchmark, they said.