Thoma Bravo Wipes $5.1B Medallia Equity

Thoma Bravo is set to hand Medallia to its lenders, erasing $5.1 billion of equity in the deal.
Creditors Blackstone, KKR, Apollo Global and Antares Capital hold $3 billion of Medallia debt, with loan values marked down to 74‑79 cents on the dollar.
The restructuring highlights severe stress in private credit, with BDCs trading at a 26 % discount to NAV and $46.9 billion of distressed software loans market‑wide.
Despite the fallout, Thoma Bravo CEO Orlando Bravo calls the current SaaS environment a compelling buying opportunity.