Deutsche Bank AG is preparing to sell about $3 billion in debt markets for accounting services firm Baker Tilly Advisory Group to refinance private credit loans, according to people familiar with the matter.

The transaction would replace existing private credit facilities with public market debt, potentially lowering borrowing costs for the advisory firm. Deutsche Bank would lead the debt issuance, tapping institutional investors for the sizable offering.

This move reflects a broader trend of companies shifting from private credit to public debt markets as conditions improve. The $3 billion financing package would provide Baker Tilly with longer-term capital structure flexibility.

Market observers note the deal size is significant for an accounting advisory firm, underscoring Baker Tilly's growth trajectory and investor appetite for professional services exposure.