More and more, private equity firms looking to finance big leveraged buyouts (LBOs) are cutting out the Wall Street banks, and borrowing money from each other or from direct lenders. Private equity firm Thoma Bravo bypassed banks when getting $2.6bn of debt financing for its buyout of Stamps.com in July, and for a $2.3bn loan for the buyout of Calypso Technology Inc in April. In early 2019, these loans rarely exceeded $500mn. But the funds that provide them are swelling, and the financing offered increasingly tops $2bn. “What is possible in terms of size got a lot bigger,” said Tom Connolly, co-head of the private credit investing business at Goldman Sachs Asset Management. “What’s new righ
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