Private Credit Firms in Talks on $3.4 Billion Hyland Deal (1)

A group of private-credit lenders are in talks to extend a $3.25 billion loan to Hyland Software Inc. so the company can refinance debt, marking the latest example of a borrower turning away from the leveraged loan market.

The transaction also includes a $150 million revolving credit facility, putting the total package at $3.4 billion — making it one of the largest private credit deals on record as direct lenders compete more on refinancing existing debt, not just funding new leveraged buyouts.

Golub Capital is expected to lead the transaction, and Ares Management Corp., Blue Owl Capital Inc. and ...