Software firm Planview Inc.’s push to refinance its debt in the private credit market has faltered, according to people familiar with the matter, leaving its owners TPG Capital and TA Associates under pressure to provide additional capital.
The tech company, which has more than $1.5 billion of debt outstanding, was turned down by multiple direct lenders even after dangling a hefty interest rate, said the people, who asked not to be identified discussing a private matter. It has now started talks with existing term loan lenders to push out fast-approaching maturities, they said.
Planview’s lenders, who are being advised by law firm Gibson Dunn & Crutcher LLP, want the private equity backers to provide junior capital as part of any deal to extend the debt, the bulk of which is due at the end of 2027, the people said.
Representatives with Planview and TPG declined to comment, while messages left with TA Associates and Gibson Dunn weren’t returned.
Planview is among the scores of tech companies that have seen their debt drop into distressed territory as investors assess how the rise of artificial intelligence will stress existing business models.
Its debt has rebounded from the worst of the selloff. Planview’s $1.3 billion first-lien loan is quoted at about 86 cents on the dollar, up from 74 cents in mid-April but down from around 96 cents at the start of the year, according to data compiled by Bloomberg.
S&P Global Ratings cut Planview’s outlook to negative from stable last week, citing its increasing financing risk. The credit grader projects modest revenue growth and cash generation in fiscal 2026.
Private credit funds, many of which are dealing with unprecedented redemption requests in part due to concerns about software exposure, have been hesitant to strike additional tech deals. Thoma Bravo-backed Sophos also started extension talks with existing lenders, following struggles to refinance debt maturities with direct lending firms.
Written by: Reshmi Basu and Ellen DiMauro @Bloomberg
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