Blue Owl Joins $5 Billion L+575bp Unitranche for Thoma Bravo's WWEX-Auctane Merger
Blue Owl Capital joined 32 lenders in providing a $5bn unitranche loan at L+575bp to back Thoma Bravo’s WWEX-Auctane merger, valuing the combined logistics and software firm at $11.6bn with pro forma EBITDA of $693m. The deal features covenant-lite terms and a revolving credit facility.
1. Participation in Thoma Bravo Financing
Blue Owl Capital acted as one of 33 lenders providing financing to support Thoma Bravo’s acquisition of WWEX Group and its merger with Auctane. The firm joined Blackstone, Ares Management and others in underwriting the $5bn private credit loan.
2. Loan Structure and Terms
The financing comprises a $4.8bn unitranche loan priced at 5.75 percentage points over the benchmark rate plus a revolving credit facility. The covenant-lite structure excludes maintenance covenants, offering fewer restrictions on the merged company.
3. Merger Valuation and Projections
The combined WWEX-Auctane entity is valued at approximately $11.6bn with projected pro forma EBITDA of $693m and expected net revenue of about $1.5bn. WWEX shareholders will retain 30% ownership after rolling $2.2bn of equity value, with Thoma Bravo and co-investors holding the remainder.