Medallia said it has entered into a recapitalization agreement with its lenders that will reduce the software company’s outstanding debt and provide $150 million of new capital.
Reports said a creditor group led by Blackstone, with Apollo and FS KKR, is taking ownership of Medallia as part of the transaction. The change in control replaces private equity owner Thoma Bravo, which acquired Medallia in 2021 in a deal valued at about $5 billion.
The disclosed financing and ownership transfer indicate that lenders are assuming control through the restructuring while adding new funds to support the company.