Thoma Bravo Conceded 40 Deal Sweeteners in Debt Talks

Thoma Bravo agreed to 40 creditor-friendly changes to Proofpoint’s deal documents, including tighter limits on future borrowing and more frequent lender check-in calls. The concessions suggest increased lender scrutiny over leverage going forward. While not a default event, the revised terms are a near-term headwind to the deal’s risk profile.