Article/Intelligence
Thoma Bravo Lines Up $2.7B Leveraged Loan to Finance Verint Acquisition, Calabrio Merger
Thoma Bravo is financing its take-private acquisition of customer experience software developer Verint Systems and its combination with portfolio company Calabrio with a $2.675 billion leveraged loan, according to sources.
Santander is expected to lead the term loan B, according to one source, who cautioned that the deal is still in the early stages and subject to change.
Proceeds from the facility will be used to finance Thoma Bravo’s $2 billion acquisition of Nasdaq-listed Verint, which was announced today, according to a press release. Additional proceeds from the loan will be used to refinance Calabrio’s existing private credit debt, sources said.
Jefferies is acting as financial advisor and Jones Day as legal counsel to Verint, according to the release. Perella Weinberg Partners and Santander are advising Thoma Bravo, with Kirkland & Ellis serving as its legal counsel. Verint common shareholders will receive $20.50 per share in cash under terms of the agreement. The transaction, which was unanimously approved by Verint’s board of directors, is expected to close before the end of Verint’s 2026 fiscal year on Jan. 31.
Verint provides customer experience automation services, serving over 80 of the Fortune 100 companies, the press release said. Its open platform incorporates AI-powered bots aimed at delivering measurable business results across enterprises.
The company reported adjusted EBITDA of $249.5 million in fiscal year-end 2025, up from $247.2 million in its fiscal year-end 2024, according to an earnings report. However, total revenue decreased by 5.96% to $208.1 million in the first quarter of FY 2026 from $221.28 million in the first quarter of FY 2025, according to a separate earnings statement.
Calabrio is a customer engagement software company that helps contact centers manage operations and measure agent performance, according to its website. The company was acquired by Thoma Bravo in 2021 from KKR for undisclosed terms, with Golub Capital providing financing, according to a press release.
Calabrio has an existing SOFR+983 bps unitranche facility due in April 2027 that is held by Golub Capital, according to Octus’ BDC Database. It also has a SOFR+550 bps first lien term loan and revolver maturing in 2027 that are held by HPS, Monroe Capital and New Mountain. A list of Calabrio’s CLO holders can be found in Octus’ CLO Database HERE.
Last week, Octus reported that Thoma Bravo was also financing its $12.3 billion take-private of HR software developer Dayforce with a $6 billion leveraged loan package led by Goldman Sachs. The deal consists of roughly $5.5 billion in term loans and a $500 million revolver, which is expected to launch after the Labor Day holiday.
Thoma Bravo declined to comment. Santander, Verint and Calabrio did not respond to requests for comment.
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