Vista Equity agrees to invest $1bn in fintech Finastra in return for $4.8bn refinancing
It may never have been a concern had markets not frozen after the Federal Reserve signalled its intent to aggressively raise interest rates. Deal activity collapsed and the number of initial public offerings plunged, making it far harder for private equity groups to sell off businesses they had acquired in the preceding years.
“Finastra will be a preview of the next three to five years ahead,” one person involved in the deal said. Refinancing was imperative, as Finastra had a loan and revolving credit facility that were set to mature in 2024. Most companies seek to refinance their bonds and loans at least a year before they come due to keep them from becoming current liabilities on their balance sheets.
Blue Owl, Ares, Oak Hill, HPS Investment Partners, Oaktree and Elliott Management were among the investors that agreed to lend the $4.8bn this week. The loan will pay roughly 7.25 percentage points above the benchmark interest rate and was offered at a slight discount to par.
Danmark Seneste Nyt, Danmark Overskrifter
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