Thoma Bravo Wipes $5.1B Equity in Medallia

Thoma Bravo is set to transfer Medallia to its lenders, erasing $5.1 billion of equity value.
Lenders Blackstone, KKR, Apollo Global and Antares Capital hold $3 billion of Medallia debt, already marked down to 74‑79% of face.
Private credit stress deepens as BDCs trade at 26% discount to NAV and distressed software loans total $46.9 billion.
Software Sector ETF (IGV) fell 27% over six months, while Thoma Bravo CEO Orlando Bravo calls current SaaS valuations a buying opportunity.