JPMorgan Deal Cuts Software Firm Relativity’s Private Debt Costs

Legal software firm Relativity ODA LLC has cut borrowing costs on existing private debt in the leveraged loan market, the latest example of public market investors displacing private lenders.

JPMorgan Chase & Co. is leading banks in a refinancing of the $720 million first-lien term loan, allowing the Silver Lake Management-backed firm to lower its interest rate to 2.75 percentage points over the benchmark, according to a person familiar with the matter.