Market Chatter: Blackstone Pushes Thoma Bravo to Offer More Equity or Relinquish Control of Medallia

MT Newswires Live04-03

Blackstone(BX) and a group of private credit firms are pressuring Thoma Bravo, the owner of Medallia, to put more equity into the software company or hand over control via a debt restructuring, Bloomberg reported Thursday, citing people familiar with the matter.

Lenders are convinced that Medallia's debt, which has risen to about $3 billion, is unsustainable, according to the report.

The lender group, which includes Apollo Global (APO) and KKR & Co. (KKR), could take over the software company as part of a debt-for-equity swap, resulting in a nearly $5 billion loss for Thoma Bravo and its co-investors, or the buyout firm could alternatively contribute fresh equity, Bloomberg said.

Blackstone, Apollo Global and KKR did not immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 113.91, Change: -0.42, Percent Change: -0.37

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