Buyout Firm Vista Eyes Over $200 Million in Savings by Ditching Private Debt

For years, Vista Equity Partners relied on the $1.7 trillion private credit market to raise financing for software companies that banks were unable or unwilling to back. Now, it’s saving hundreds of millions of dollars by flipping that script.

Its refinancing for Finastra, which is wrapping up this week, is the largest in a string of transactions the private equity firm launched this year to replace private debt with broadly syndicated loans for some of its portfolio companies.