Private Lenders Provide $1 Billion for Thoma Bravo’s Ping Buyout

A consortium of private credit funds led by Blue Owl Capital Inc. and Sixth Street Partners has agreed to provide roughly $1 billion of debt help finance Thoma Bravo’s buyout of Ping Identity Holding Corp., according to people with knowledge of the matter.

Apollo Global Management Inc., Ares Management Corp., Blackstone Inc. and HPS Investment Partners are also part of the financing, which is structured as a unitranche, said the people, who asked not to be identified when discussing a private transaction.

The loan is based on annual recurring revenue, a common way for private ...