Wall Street Hits Back at Private Credit With a Rare Type of Loan [Business News Network (BNN) (Canada)]
Datto Holding Corp. (MSP)
US:NYSE Investor Relations:
madisonfunds.com/individual/madison-strategic-sector-premium-fund
Company Research
Source: Business News Network
Now, the banks are fighting back, and putting their own spin on a popular loan that's been the tool of choice for private credit funds. A broadly syndicated leveraged loan for software-security provider Veracode Inc. is the latest to go down the so-called public unitranche route. Public unitranches have a structure similar to a type of loan used in private credit's playbook, but are rarely seen in the syndicated loan market. The Burlington, Massachusetts-based company earlier this month launched a $580 million first-lien loan to help fund its leveraged buyout by private equity firm TA Associates Management LP, and had separately placed a $235 million second-lien portion with a few private lenders, according to a person with knowledge of the matter. During the course of marketing, the first-lien component received more than $3 billion in demand, the person said, asking not to be named discussing a private transaction. That allowed the sponsor to drop the second-lien and combine
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