Overview
Deutsche Bank AG is preparing to market approximately $3 billion of debt on behalf of Baker Tilly Advisory Group, aiming to refinance private‑credit loans that were used to fund the firm’s recent acquisition activities.
Transaction Details
The proposed refinancing will replace debt that includes $1.5 billion of private‑credit financing provided by a Blackstone‑led consortium to support Baker Tilly’s $7 billion merger with Moss Adams in April 2025. That private‑credit tranche was priced at 4.5 percentage points above the benchmark interest rate. The new $3 billion issuance is intended to move these obligations into the public leveraged‑loan market, thereby broadening the lender base beyond private‑credit providers.
Strategic Context
The merger with Moss Adams created the sixth‑largest accounting firm in the United States. Since Hellman & Friedman acquired Baker Tilly in 2024, the firm has pursued an acquisition‑driven growth strategy, most recently adding New York‑based Anchin, Block & Anchin and Miami‑based advisory boutique Berkowitz Pollack Brant in December 2025.
Market Implications
The refinancing effort comes as banks vie with private‑credit managers for leveraged‑finance business. A successful placement would return a sizeable portion of Baker Tilly’s debt to broadly syndicated markets and serve as a test of investor appetite for leveraged loans tied to professional‑services businesses.
Comments
Representatives for Baker Tilly, Deutsche Bank, and Hellman & Friedman declined to comment on the transaction.