A group of Wall Street banks led by Banco Santander SA is reducing the size of a debt offering for Thoma Bravo’s acquisition of customer-service automation business Verint Systems Inc., according to people with knowledge of the matter.
The leveraged loan is being reduced to $1.7 billion from approximately $2.7 billion after some investors pushed back on the terms of the financing, leading the bank group to revise the pricing, said the people, who requested anonymity to discuss a private transaction.