Investing.com — Deutsche Bank AG (NYSE:DB) is preparing to market about $3 billion of debt for Baker Tilly Advisory Group, as the accounting services firm seeks to refinance private credit loans, Bloomberg reported, citing people familiar with the matter.
The German lender is expected to meet leveraged loan investors next week. The discussions remain private, and the terms of the potential financing have not been finalised.
The proposed transaction would refinance debt used to support Baker Tilly’s merger with Moss Adams, along with other existing borrowings. Moving the loans into public debt markets could broaden the company’s lender base and replace financing previously supplied by private credit firms.
Baker Tilly completed its combination with Moss Adams in April 2025 in a deal valued at $7 billion. The merger created the sixth-largest accounting firm in the US.
Blackstone Inc. (NYSE:BX) led a group of private lenders that provided about $1.5 billion to help finance the transaction. That debt was priced at 4.5 percentage points above the benchmark interest rate.
Representatives for Baker Tilly, Deutsche Bank and private equity owner Hellman & Friedman declined to comment.
Baker Tilly has pursued a series of acquisitions since Hellman & Friedman bought the business in 2024. The expansion has included purchases of regional accounting and advisory firms across the US.
Last month, Baker Tilly acquired New York-based accounting firm Anchin, Block & Anchin. It also bought Miami advisory business Berkowitz Pollack Brant in December.
The planned refinancing comes as banks compete with private credit managers for leveraged finance business. Private lenders have gained ground by offering borrowers faster execution and more flexible terms, particularly for acquisitions that may be difficult to finance through syndicated markets.
A successful transaction would return a sizeable portion of Baker Tilly’s debt to broadly syndicated markets. It would also provide a test of investor demand for leveraged loans tied to professional services businesses following the company’s rapid acquisition-led expansion.