Veritas-Backed Firm Begins Year’s Biggest Software Refinancing
THE SO WHAT
A $5.8B software refinancing in a sector underperforming the broader loan market is a reminder that leveraged software balance sheets are being repriced. If you're a PE-backed or debt-heavy software operator, assume tighter covenants and higher scrutiny on cash flow — AI narratives won't offset weak fundamentals in lender conversations.
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