Overview
Baker Tilly Advisory Group is arranging a refinancing of roughly $3 billion of debt, with Deutsche Bank AG slated to market the issuance to leveraged‑loan investors. The refinancing aims to replace existing private‑credit facilities, including about $1.5 billion of financing that was provided by a Blackstone‑led consortium of private lenders to fund Baker Tilly’s $7 billion merger with Moss Adams, which closed in April 2025 and created the sixth‑largest accounting firm in the United States. The private‑credit tranche was priced at 4.5 percentage points above the benchmark rate.
The proposed public‑market debt would broaden Baker Tilly’s lender base, shift a sizeable portion of its borrowings from private‑credit to syndicated markets, and serve as a test of investor appetite for leveraged loans tied to professional‑services businesses. Deutsche Bank expects to meet with leveraged‑loan investors next week, although the specific terms of the financing have not yet been finalised and all parties have declined to comment.
Since Hellman & Friedman acquired Baker Tilly in 2024, the firm has pursued an aggressive acquisition strategy, most recently adding New York‑based accounting firm Anchin, Block & Anchin in the prior month and acquiring Miami advisory boutique Berkowitz Pollack Brant in December. These purchases expand the firm’s advisory footprint across the United States.
The refinancing initiative occurs amid heightened competition between banks and private‑credit managers for leveraged‑finance mandates, with private lenders gaining market share by offering faster execution and more flexible terms, especially for acquisition‑heavy companies. A successful refinancing would return a substantial share of Baker Tilly’s debt to the broader syndicated market and provide insight into demand for leveraged loans within the professional‑services sector.