Blackstone has led a group of private credit lenders in providing more than $2bn to refinance software company Mitratech’s existing bank loan package, in one of the latest large-scale direct lending deals to replace traditional leveraged loan financing, according to sources cited by Bloomberg.

Antares Capital is also participating in the new facility, which is being offered at 4.75 percentage points over the US benchmark rate. The financing replaces a $780m loan package arranged nearly five years ago by Golub Capital, UBS, Barclays, and Deutsche Bank when Ontario Teachers’ Pension Plan acquired its majority stake in Mitratech from TA Associates and Hg.

The original acquisition debt included first- and second-lien term loans, a revolving credit facility, and delayed-draw commitments. By comparison, the new private credit package consolidates the capital structure and provides a substantial increase in available financing as sponsors continue shifting away from bank-led syndications.

OTPP bought Mitratech in a transaction that valued the legal and compliance software provider at more than $1.5bn. The firm did not comment on the refinancing, and neither did Blackstone or Antares.

The deal underscores the growing role of private credit in refinancing sponsor-backed companies at scale, as direct lenders continue to win mandates once dominated by Wall Street banks.

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