Thoma Bravo is seeking $600m in private credit financing to support its $2bn acquisition of hospitality software provider Olo Inc., according to sources familiar with the matter cited by Bloomberg.

The debt package would help fund the take-private deal, which was agreed last month at $10.25 per share in cash and is expected to close by the end of 2025.

The financing terms are still under discussion and may change. The move stands out in a year with limited leveraged buyout activity, offering a rare opportunity for direct lenders to participate in an acquisition deal. It is also unusual for a buyer to arrange debt after announcing a transaction rather than securing commitments in advance.

While some private equity firms are refinancing from private credit into the broadly syndicated market to lower costs, others are drawn to the higher leverage available from direct lending.

Founded in 2005, New York–based Olo provides digital ordering and menu management software for restaurants, serving more than 750 brands including PF Chang’s China Bistro and Denny’s Corp.

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