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A new form of anti-co-op language has made its way into the private credit market in a deal for a Thoma Bravo portfolio company, according to 9fin sources.

Earlier this month, the sponsor completed a debt refinancing for its portfolio company Majesco, a provider of insurance technology. The new $1.3bn facility was backed by direct lenders including Oak Hill, Antares, Cliffwater, and Thoma Bravo’s own credit fund.

The credit agreement includes two clauses that could make it harder for lenders to band together and to build up positions in the company’s debt, the sources said.

The first provision stipulates that if a lender to the company joins a co-op group, they must inform the borrower about the group and its participants, or risk losing their voting rights. To our knowledge, this is the first time a term like this has cleared the private credit market.

The second provision comes in the form of a 25% concentration cap. This would limit any lender from owning more than a quarter of Majesco’s outstanding loans, with the only exception being for debt purchased at new issue, the sources said.

Unlike the co-op disclosure clause, concentration caps have cleared the private credit market before, but they are still quite rare. However, they are catching on, with some capping holdings at 20%, sources said.

Oak Hill, Antares and Thoma Bravo declined to comment for this article. Cliffwater and Majesco did not respond to requests for comment.