Thoma Bravo-Anaplan Deal Shows Private Credit Rolls On (1)

Thoma Bravo LLC’s purchase of Anaplan Inc. shows how private credit is on the short list of capital markets little affected by war, inflation and slowing economic growth.

The private equity firm’s $10.7 billion purchase of a San Francisco-headquartered software company is being financed by Blackstone Credit, Apollo Global Management, Golub Capital and Owl Rock Capital. While Wall Street banks reviewed the deal, Anaplan’s negative cash flow made it a poor candidate for leveraged-loan financing, and other debt markets are reluctant to take on risk when the Federal Reserve is raising rates.

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