Citrix Back in Loan Market After Banks Lose $1.3 Billion (2)

Citrix Systems Inc., the cloud-computing firm that became a prime example of Wall Street’s leveraged-lending excess at the height of the cheap-money era, is back in the market looking to raise $1 billion in a one-day drive-by sale.

Proceeds will be used to partially repay $2.5 billion of preferred equity that a group of investment funds including Oak Hill Advisors, Carlyle Group Inc. and KKR & Co. had provided in 2022 to help finance Citrix’s private equity buyout, according to people familiar with the matter.

Bank of America Corp., which is leading the offering, is marketing it at 450 ...