The new pricing is expected to be lower than the private credit financing, which was priced at 5.75 percentage points (ppts) over the benchmark, said the people, who were not authorised to speak publicly. BetaNXT’s financial performance has improved since the 2023 debt financing, which should help it secure a better rate, they added.
Morgan Stanley is sounding out investors for US$950 million ($1.2 billion) of leveraged loans to refinance software platform BetaNXT Inc’s debt, according to people familiar with the matter, the latest example of activity shifting between private credit and the broadly syndicated market.
The proposed loans would refinance debt initially secured from private creditors including BC Partners after a group of banks led by Goldman Sachs Group Inc were unable to syndicate the debt in 2023.
