OHA is the Lead Arranger for the Finastra refinancing, the largest private credit transaction in U.S. history

NEW YORK, Sept. 13, 2023 /PRNewswire/ -- Oak Hill Advisors ("OHA") is proud to serve as the Lead Arranger for the $5.3 billion financing for Finastra, a global financial technology firm and portfolio company of Vista Equity Partners ("Vista"). The financing includes a $4.8 billion unitranche term loan and $500 million revolver issued with a coupon of SOFR+7.25% and a price of 98.

In this milestone financing, which is the largest U.S. private credit transaction to date, OHA structured a solution that optimizes Finastra's capital structure by refinancing its maturing syndicated first and second lien debt while deleveraging the company and reducing overall debt service. OHA led the group of over 20 lenders that participated in the unitranche financing and committed to over $800 million of the total facility.

"We congratulate Finastra on the successful closing of the transaction and are proud to have structured and led this landmark, customized private financing solution with our long-time partner Vista," said Alan Schrager, Portfolio Manager and Senior Partner at OHA. "This transaction is notable for both its record size and use of a private unitranche to refinance existing indebtedness from the syndicated markets. We expect this theme to contribute to the continued growth of direct lending for larger companies."

OHA has been a lender to Finastra, formerly known as Misys, for over a decade and has supported the company's evolution through M&A and organic growth. Prior to this latest financing, OHA had invested over $1 billion across Finastra's capital structure over time in both the liquid and private credit markets. This transaction exemplifies OHA's expertise as a leading software credit investor, having invested over $28 billion in the sector over the past nineteen years.

About OHA: OHA is a leading global alternative investment firm specializing in private lending, distressed credit, structured credit, real assets, special situations, leveraged loans and high yield bonds. OHA manages approximately $61 billion of capital across credit strategies in pooled funds, collateralized loan obligations and single investor mandates. The firm's global, primarily institutional investor base includes pension funds, sovereign wealth funds, insurance companies, foundations, endowments, fund of funds, family offices and high net worth individuals. OHA is the private markets platform of T. Rowe Price. For more information, please visit oakhilladvisors.com.

SOURCE T. Rowe Price Group, Inc.

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