A Goldman Sachs-led syndicate has launched a $5.5bn leveraged loan to finance Thoma Bravo’s pending $12.4bn acquisition of human-resources software provider Dayforce.

The financing marks the largest US leveraged loan of 2025 so far, surpassing the $3.95bn facility arranged in January for Quikrete’s takeover of Summit Materials, according to Bloomberg data.

Leveraged-loan issuance for acquisitions has been subdued this year, with buyout financing accounting for just 10% of 2025 volume. Investors have been awaiting larger transactions to reignite activity in the market.

Thoma Bravo, one of the most active tech-focused private equity firms, announced the Dayforce deal earlier this year. It has also agreed smaller software acquisitions, including Olo and Verint, with funding yet to be syndicated.

The lender group will hold a call with potential investors on Thursday to market the Dayforce loan package.

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