Calypso's US$2.3bn unitranche sets US record

摘要

Direct lending firm Owl Rock Capital's US$2.3bn unitranche financing for CALYPSO TECHNOLOGY'S buyout set a US record for deal size in the private credit market, further demonstrating the strength of the asset class. The financing backs private equity firm Thoma Bravo's acquisition of Calypso, a provider of cloud services and blockchain technology to the financial service sector. The loan is the largest completed by a private credit fund in the US. Private credit loans above US$lbn are a rarity in the leveraged market. However, sponsors are increasingly turning to non-bank lenders as their growing fund sizes suggest they can write more extensive cheques and offer more certainty than a broader syndication process. Because of this certainty, direct lenders provide direct competition to banks when funding companies in the upper-middle market tier.