Private credit funds led by Blackstone are providing more than $2bn in financing to support a refinancing at legal and compliance software provider Mitratech, according to a report by Bloomberg citing sources familiar with the matter. Antares Capital is also contributing to the transaction, which is said to be priced at around 4.75 percentage points over the US benchmark rate.
Mitratech is majority owned by Ontario Teachers’ Pension Plan (OTPP), which acquired the business nearly five years ago from private equity firms TA Associates and Hg in a deal valuing the company at more than $1.5bn. The original acquisition was backed by a $780m debt package arranged by a lender group including Golub Capital, UBS, Barclays and Deutsche Bank.
That earlier financing included first- and second-lien term loans, alongside a revolving credit facility and delayed-draw loans. The first-lien facility carried a margin of 3.75 percentage points over the benchmark, while the second-lien debt was priced at 6.75 percentage points over.
