...September 8, 2022 - Affiliates of Vista Equity Partners Management LLC and Elliott Investment Management L.P. have created Picard Midco Inc. under Balboa Intermediate Holding LLC to facilitate their pending acquisition of Citrix Systems Inc. and subsequent merger with TIBCO Software Inc. Upon completing these transactions, we expect Picard to own 100% of the equity interests of both TIBCO and Citrix and report all of their assets and obligations in its financials. - With all regulatory and shareholder approvals necessary to close the transaction, Picard Midco, through these holdings, has proposed issuing a portion, including a new $3.0 billion term loan A due 2028, a $4.05 billion USD term loan B due 2029, a $500 million EUR term loan B due 2029 and a $1.0 billion revolving credit facility due 2027, of the $15 billion in debt financing it intends to raise alongside a $2.5 billion preferred equity issuance and rollover equity to fund the transaction. We expect the company to issue a $3.5...
