Apr. 2 at 5:24 PM
$BX Market Chatter: Blackstone Pushes Thoma Bravo to Offer More Equity or Relinquish Control of Medallia
MT NEWSWIRES
12:24 PM ET Apr-02-2026
12:24 PM EDT, 04/02/2026 (MT Newswires) -- Blackstone(BX) and a group of private credit firms are pressuring Thoma Bravo, the owner of Medallia, to put more equity into the software company or hand over control via a debt restructuring, Bloomberg reported Thursday, citing people familiar with the matter.
Lenders are convinced that Medallia's debt, which has risen to about
$3 billion, is unsustainable, according to the report.
The lender group, which includes Apollo Global (APO) and KKR & Co. (KKR.NaE) , could take over the software company as part of a debt-for-equity swap, resulting in a nearly
$5 billion loss for Thoma Bravo and its co-investors, or the buyout firm could alternatively contribute fresh equity, Bloomberg said.
Blackstone, Apollo Global and KKR did not immediately respond to a request for comment by MT Newswires.