Vista-Backed KnowBe4 Looks for $1.46 Billion Debt to Replace Private Credit

JPMorgan Chase & Co. is sounding out investors for a potential $1.46 billion debt deal for the internet security platform KnowBe4, according to people familiar with the matter.

If successful, KnowBe4, which is backed by Vista Equity Partners, will use the proceeds to refinance loans from private credit firms at a significantly cheaper borrowing cost, said the people, who requested anonymity to discuss a private transaction. Blue Owl Capital, Blackstone Inc. and Carlyle’s credit business were some of the lenders on the original loan. The debt was arranged at a rate of 7.75 percentage points over the Secured Overnight Financing Rate, regulatory filings show.