Chase & Co. 正在权衡为 Qualtrics International Inc. 进行新一轮债务发行的方案，此前承销商今年早些时候被迫持有超过 50 亿美元的贷款。
Chase & Co. is weighing options for a fresh debt sale for Qualtrics International Inc. after underwriters got stuck with more than $5 billion of loans earlier this year.
知情人士透露，为支持该软件公司收购 Press Ganey Forsta 的融资，其中一种方案是向投资者推出规模较小的交易，并将债务大致平均分配给高收益债券和杠杆贷款。这些人士表示，这可能意味着在每个市场各出售约 20 亿美元，他们要求匿名，因为讨论属于私密性质。
One option for the financing backing the software firm’s acquisition of Press Ganey Forsta is to bring a smaller deal to investors and split the debt roughly evenly between high-yield bonds and leveraged loans, according to people with knowledge of the matter. That could mean selling about $2 billion in each market, said the people, requesting anonymity as the deliberations are private.
知情人士还补充称，该债务方案也可能包括对贷款人的更多保护，类似于近期为软件公司提供的交易条款。
The debt package could also include greater protections for lenders, similar to what was offered in recent transactions for software companies, the people added.
Qualtrics 是一家提供在线调查工具的公司，几个月前因人们担心 AI 颠覆将冲击软件公司，导致整个行业出现抛售，潜在贷款方因而却步，公司曾暂停了一项 53 亿美元融资的谈判。去年 10 月为 Silver Lake 支持的公司交易提供承诺贷款的银行最终为该收购提供了资金，承担了当时预期将超过 5 亿美元的账面亏损。
Qualtrics, which makes online survey tools, halted talks for a $5.3 billion financing a few months ago as concerns about AI-disruption to software companies prompted a sector-wide selloff, spooking potential lenders. Banks that had provided committed debt for the Silver Lake-backed company’s deal last October ended up funding the purchase, shouldering what at the time was expected to be more than $500 million in paper losses.
如今，知情人士称，由摩根大通牵头的银团正在考虑向投资者推出新的债务发行，以第三季度的全新盈利来吸引他们。摩根大通和 Silver Lake 的代表拒绝置评。
Now, the JPMorgan-led group is considering bringing a new debt sale to investors, using fresh earnings from the third quarter to entice them, the people with knowledge said. Representatives for JPMorgan and Silver Lake declined to comment.
知情人士称，Qualtrics 第二季度收入为 7.18 亿美元，较上一季度的 7.20 亿美元略有下降。调整后的息税折旧及摊销前利润为 3.32 亿美元，较去年同期的 2.578 亿美元有所增长。
Qualtrics posted $718 million in revenue in the second quarter, down from $720 million in the prior period. Adjusted earnings before interest, taxes, depreciation and amortization was $332 million, up from $257.8 million a year ago, the people said.
知情人士还表示，根据监测该债务的人士透露，Qualtrics 现有贷款将于 2030 年到期，周三的报价约为每美元面值 0.84 美元。该贷款价格已在 0.85–0.90 美元区间徘徊数周，因为投资者开始重新进入软件公司债务市场。不过这一水平仍低于今年开盘时接近面值的交易价。
Qualtrics’ existing loan, due in 2030, was quoted at about 84 cents on the dollar on Wednesday, according to people monitoring the debt. It’s hovered around the 85-90 cent range for weeks as investors have started to wade back into software company debt. That’s still down from the near-par level they traded at to start the year.
软件公司包括 Proofpoint Inc. 和 Gainwell Technologies 在过去几个月里不得不向投资者提供更优惠的条款和更好的保护，以帮助重新融资数十亿美元的借款。贷款人对这些公司能够借款的金额提出了更严格的限制，并限制了它们将资产转移出债权人可及范围的能力。
Software companies including Proofpoint Inc. and Gainwell Technologies had to offer sweeter terms and better protections to investors to help refinance billions of dollars in borrowings in recent months. Lenders extracted tighter limits on how much the companies can borrow and restrictions on their ability to shift assets out of creditors’ reach.