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Thoma Bravo Weighs 1 Billion Private Credit Loan for NextGen Acquisition

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Thomas Bravo is in discussions with private credit lenders about arranging roughly $1 billion of debt financing for its planned acquisition of NextGen Healthcare Inc., according to people with knowledge of the matter. Most Read from Bloomberg A potential financing deal would reduce the amount of equity Thoma Bravo will need to put up for the acquisition but is not required for the takeover to close, said the people, who asked not to be named because details of the transaction are private. Even though the debt deal is tentative, it highlights just how significant private credit firms are in the buyout arena as an alternative to banks. Discussions are in early stages and details could change, the people added. A representative for Thoma Bravo declined to comment. Representatives for NextGen Healthcare didn't immediately respond to requests for comment. On Wednesday, Thoma Bravo agreed to buy NextGen Healthcare for $23.95 per share in a deal that values the health-records software company at around $1.8 billion, including debt. The transaction is not subject to a financing condition, according to a news release. The acquisition is expected to close in the fourth quarter of this year. NextGen provides cloud-based technology services that health-care providers use to manage patients' electronic health records, among other services, according to its annual report. Led by Managing Partner Orlando Bravo, Thoma Bravo is one of the most active technology investors among private equity firms, and often uses private credit lenders to help finance acquisitions.

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