Deutsche Bank AG is preparing to sell about $3 billion in debt markets for accounting services firm Baker Tilly Advisory Group to refinance private credit loans, according to people familiar with the matter.
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The German bank is scheduled to hold meetings with investors in the leveraged loan market next week, said the people, who requested anonymity because the discussions are private.
Since its acquisition by private equity firm Hellman & Friedman in 2024, Baker Tilly has purchased a series of regional accounting firms. Last month it bought New York-based accountants Anchin, Block & Anchin, and acquired Miami advisory firm Berkowitz Pollack Brant in December.
Baker Tilly also turned to private credit to support its merger with Moss Adams in April last year. That deal,
Blackstone Inc. led a group of lenders in a deal worth around $1.5 billion, Bloomberg News reported in June last year. The debt was offered at 4.5 percentage points over the benchmark rate.
The financing aiding the merger with Moss Adams, along with other existing debt, is expected to be refinanced in this potential transaction in the debt capital markets, the people said.
Representatives for Baker Tilly, Hellman & Friedman and Deutsche Bank declined to comment.
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