Thoma Bravo-owned Proofpoint revised a $5 billion loan deal, offering lenders stronger protections as the cybersecurity company works to address debt maturing in 2028, Bloomberg reported, citing people familiar with the matter.
Proofpoint added provisions preventing transactions that could move collateral away from existing creditors and agreed not to conduct privately negotiated debt buybacks, the report said.
The company also amended about two dozen provisions in its loan documents, Bloomberg reported.
The changes come as lenders scrutinize private equity-backed software companies over concerns that AI-driven disruption could weaken their businesses, Bloomberg reported.
(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.)
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