Private-equity backed software firms are racing to roll over a glut of debt maturing in the next two years, offering higher yields and deal sweeteners to lenders nervous about AI disruption.
More than half a dozen software companies have closed so-called “amend-and-extend” deals so far this year to push back looming maturities by two to three years, rather than pursuing full refinancings, which typically carry up to seven-year debt terms.
The more cautious approach reflects investor scepticism towards software firms’ long-term competitiveness amid rapid advancement of AI models, particularly for private-equity-owned businesses laden with debt that need to refinance pandemic-era debt at much higher interest rates.
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