Oak Hill Advisors

The Canada Pension Plan Investment Board, Blackstone Inc.’s credit unit and GIC are among the biggest lenders in the deal.

The loan proceeds along with cash from Citrix’s earlier sale of the startup Wrike has now paid down about half the original preferred equity sum of $2.5 billion.

PIK loans don’t always come cheap, but lenders and borrowers are wagering that they’ll refinance when rates come down long before the due date.

Companies have roughly half a trillion dollars of leveraged loans coming due in the next three years, and CLOs control about 70 percent of the U.S. corporate loan market.