Article
Planview Unable to Secure Private Credit for Refinancing
Planview has been unable to secure private credit financing for its capital structure, according to sources.
The software firm’s $1.3 billion term loan due in 2027 has slid to 77 from 99 at the beginning of January amid the software selloff triggered by the rollout of AI, according to Solve.
The TPG and TA Associates-backed company had approached a set of private credit lenders to refinance its debt after addressing it in the broadly syndicated market had increasingly become difficult, Bloomberg reported. An ad hoc group of the company’s lenders – led by Gibson Dunn as legal advisor – has signed a cooperation agreement, as reported.
Moody’s Ratings downgraded the company’s credit rating to Caa1 from B3 in March, citing higher financial leverage and refinancing risks related to its December 2027 debt maturities.
According to Moody’s estimates, the company’s financial leverage is approximately 13.2x.
The ratings agency said the company’s leverage has remained elevated following its leveraged buyout by TPG Capital and TA Associates in 2020 and subsequent debt-funded acquisitions, including the purchase of Sciforma in February 2025.
Liquidity is adequate, supported by $65 million of cash on the balance sheet as of Dec. 31, 2025, our expectation for $25 million of free cash flow in 2026 and an undrawn $75 million revolving credit facility expiring in December 2027, it added.
An estimate of the company’s capital structure as of Dec. 31 is shown below:
Planview and TPG Capital declined to comment. TA Associates and Gibson Dunn did not respond to requests for comment.
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