Santander-Led Bank Group Stuck With Some Debt for Verint Buyout
Banco Santander SA is leading a group of banks that will be required to retain a portion of the $2.7 billion financing for Thoma Bravo's acquisition of Verint Systems Inc., a customer-service automation business. The banks involved in the deal will be unable to fully offload the debt, according to people familiar with the matter. The acquisition, which is valued at $2.7 billion, is being financed through a combination of debt and equity. While the banks had initially aimed to fully syndicate the debt, market conditions have made it difficult to do so, leading them to hold onto a portion of the financing. This suggests that the debt market remains challenging, even as private equity firms continue to pursue large-scale acquisitions.
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