Goldman Sachs is providing a $6bn debt package to support Thoma Bravo’s $12.3bn acquisition of HR software provider Dayforce, according to a report by Bloomberg citing sources familiar with the matter.
The financing comprises a $5.5bn term loan and a $500m revolving credit facility. Additional lenders are expected to join the syndicate, with Goldman potentially syndicating portions of the debt to other institutional investors. Terms remain subject to ongoing negotiations.
The commitment underscores growing competition among banks and private credit funds for a limited pipeline of large-scale buyout financings. So far this year, M&A-driven loan issuance has accounted for just 11% of the leveraged loan market, as refinancing activity continues to dominate, according to Bloomberg data.
Thoma Bravo agreed to acquire Minneapolis-based Dayforce for $70 per share, valuing the company at approximately $12.3bn including debt. The deal was announced Thursday following earlier reports from Bloomberg.
The firm has increasingly relied on private credit markets to finance recent transactions. In April, it secured $4bn in direct lending to back its carve-out of Jeppesen from Boeing, followed by a $3bn private credit raise this month for Flexera Software.
