Article
Thoma Bravo-Backed Sophos Weighs Private Credit for Near-Term Maturities
Thoma Bravo-backed Sophos is gauging interest on a private credit solution to the cybersecurity company’s nearly $2.6 billion in senior secured debt maturing in the next year, according to sources.
Talks of a potential deal are in the early stages, sources cautioned, and the U.K.-based firm could still opt to refinance with existing lenders. Sophos is expected to gauge interest from both markets before finalizing any deal, sources added.
In March, Moody’s Ratings downgraded Sophos to B3 from B2 on account of looming maturities going current as well as weaker-than-expected operating performance. The company has a $92.5 million RCF due December 2026 and $2.5 billion-equivalent senior secured first lien term loans due March 2027.
The ratings agency anticipates that a measure of leverage for Sophos would increase toward 9x in fiscal year 2026 from 6.3x in FY 2025. The company has about a $300 million cash balance as of year-end 2025 and Moody’s assumes that the company’s credit facilities will be refinanced by the end of June.
Thomas Bravo acquired Sophos in 2020 in a take-private transaction that valued the company at $3.9 billion, according to a press release. The company acquired Secureworks, a cybersecurity company at the time majority owned by Dell, in February 2025 for $859 million in a take-private deal, according to a press release.
Sophos’ existing SOFR+350 bps 2027 term loan was last trading today at 96.5/97.5 while its Euribor+350 bps 2027 term loan B was at 96/98, according to Solve.
Blackstone, Blue Owl and HPS are among Sophos’ business development company creditors that hold its first lien debt, according to Octus’ BDC Database. A list of Sophos’ CLO lenders can be found in Octus’ CLO Database.
Sophos and Thoma Bravo did not respond to requests for comment.
This publication has been prepared by Octus Intelligence, Inc. or one of its affiliates (collectively, "Octus") and is being provided to the recipient in connection with a subscription to one or more Octus products. Recipient’s use of the Octus platform is subject to Octus Terms of Use or the user agreement pursuant to which the recipient has access to the platform (the “Applicable Terms”). The recipient of this publication may not redistribute or republish any portion of the information contained herein other than with Octus express written consent or in accordance with the Applicable Terms. The information in this publication is for general informational purposes only and should not be construed as legal, investment, accounting or other professional advice on any subject matter or as a substitute for such advice. The recipient of this publication must comply with all applicable laws, including laws regarding the purchase and sale of securities. Octus obtains information from a wide variety of sources, which it believes to be reliable, but Octus does not make any representation, warranty, or certification as to the materiality or public availability of the information in this publication or that such information is accurate, complete, comprehensive or fit for a particular purpose. Recipients must make their own decisions about investment strategies or securities mentioned in this publication. Octus and its officers, directors, partners and employees expressly disclaim all liability relating to or arising from actions taken or not taken based on any or all of the information contained in this publication. © 2026 Octus. All rights reserved. Octus(TM) and the Octus logo are trademarks of Octus Intelligence, Inc.