Technology
Thoma Bravo Conceded 40 Deal Sweeteners as Debt Talks Heat Up
Key Points
Corporate Finance Thoma Bravo Conceded 40 Deal Sweeteners as Debt Talks Heat Up Thoma Bravo executives went into talks with lenders knowing they’d have to give ground — the only question was how much. On the other side were some of Wall Street’s biggest money managers — names like BlackRock Inc. and Invesco Ltd. — and they were well aware the balance of power had shifted in their favor. Proofpoint, the cybersecurity software company Thoma had taken over years earlier, needed more time to...
Corporate Finance
Thoma Bravo Conceded 40 Deal Sweeteners as Debt Talks Heat Up
Thoma Bravo executives went into talks with lenders knowing they’d have to give ground — the only question was how much.
On the other side were some of Wall Street’s biggest money managers — names like BlackRock Inc. and Invesco Ltd. — and they were well aware the balance of power had shifted in their favor. Proofpoint, the cybersecurity software company Thoma had taken over years earlier, needed more time to repay billions of dollars of debt loaded onto its balance sheet to finance the acquisition. With markets increasingly skittish about anything even remotely vulnerable to AI disruption, the lenders were determined to extract a steep price in return.