US-based private equity firm Thoma Bravo is set to extract around US$1bn from US cybersecurity company Ping Identity through a dividend recapitalisation financed by new syndicated debt, according to Bloomberg.

Ping Identity, headquartered in Denver, provides identity security solutions to enterprise clients.

The firm is arranging a US$1.8bn broadly syndicated loan to refinance Ping’s existing US$792m private credit facility and fund a US$1.12bn dividend payment to shareholders.

The deal, led by JPMorgan Chase, marks one of the largest private credit-to-syndicated market refinancings of 2025.

Thoma Bravo took Ping private in 2022 in a US$2.8bn acquisition, financed partly by US$1bn of private credit provided by a consortium led by Blue Owl Capital and Sixth Street Partners.

The new financing package is expected to save Ping more than US$10m in annual interest costs.

The transaction reflects a broader market trend, as private equity firms that relied on private credit during periods of rising interest rates are now refinancing those facilities in the syndicated loan market to secure better pricing and enhanced liquidity.

Ping’s accelerated commitment deadline for the new loan demonstrates strong investor demand, signalling renewed appetite for leveraged finance deals after a period of subdued issuance.

Thoma Bravo’s move follows similar actions by other large sponsors, including US-based Vista Equity Partners, which have capitalised on the improving credit environment to refinance costly private loans.

The recapitalisation will provide Thoma Bravo with substantial liquidity while allowing Ping to benefit from lower financing costs and a broader lender base, marking one of the most significant refinancing transactions in the software sector this year.

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