Davis Polk partner Vanessa Jackson was quoted in 9fin discussing Clearlake Capital’s $5.5 billion Dun & Bradstreet acquisition financing, a deal named by the publication as one of the most notable financings in private credit in 2025.

The article noted that while much of the media coverage of the deal focused on pricing and scale, it was the deal’s mechanics that proved most interesting.

“In a private credit loan with this many lenders in the syndicate, it’s critical to make sure all the lenders understand the mechanics of funding loans and issuing letters of credit,” Vanessa said.

“When a letter of credit is issued, you’re responsible for buying a participation in it, and each issuing bank is agreeing to front letters of credit because it trusts that the syndicate will be there to share in the risk.”

“The deals that defined private credit in 2025 — Part One,” 9fin (December 22, 2025) (subscription required)

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