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Apr 25, 2023 - Economy & Business

Finastra reportedly preps record-breaking private credit deal

Dan Primack
Illustration of a dollar-shaped weight causing cracks in the ground

Illustration: Sarah Grillo/Axios

Finastra Group, a London-based fintech owned by Vista Equity Partners, is in talks with private credit funds about a $6 billion refinancing package, per Bloomberg.

Why it matters: It would be the largest private credit deal ever, topping the $5 billion secured last summer for the leveraged buyout of Zendesk.

  • If that record sounds familiar, it's because Carlyle Group was working on a $5.5 billion private credit package for its takeover of health care analytics company Cotiviti, before deal talks collapsed earlier this month.

Details: Finastra, which provides payment infrastructure software, reportedly is in talks with Oak Hill Advisors, KKR, Sixth Street Partners and Ares Management.

  • The company was acquired by Vista in 2012, and has over $4 billion of debt set to mature.

The bottom line: If this deal goes through, don't expect the record to hold for long, as private credit funds were sitting on a whopping $1.4 trillion at the end of 2022.

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