JPMorgan-led lenders are assessing demand for roughly $2 billion in Qualtrics high-yield notes, months after an effort to place acquisition financing with investors stalled, Bloomberg reported Monday.
The provisional terms would price the notes at about $0.85 per dollar of face value and set an annual coupon of at least 8%, Bloomberg said, citing people familiar with the talks. The figures are not final. Data compiled by Bloomberg put the proposed discount among the deepest for new U.S. high-yield offerings this year.
The lender group also discussed holding any unsold debt for at least six months, unless every lender agreed to a sale, according to Bloomberg. Investor meetings were planned for the week of Nov. 9, with pricing possible as soon as the following week and before the U.S. Thanksgiving holiday. Those plans are preliminary, the report said.
Bloomberg linked the stalled distribution effort in March to a selloff in software shares and concerns about artificial intelligence’s effect on software businesses. It reported that the banks funded the acquisition themselves after the talks paused. Reuters separately reported in February that software companies were delaying debt deals amid higher borrowing costs, closer lender scrutiny and AI-related concerns.
Qualtrics announced in October 2025 that it would acquire Press Ganey Forsta for $6.75 billion in cash and equity. The company said the acquisition was completed on May 18, 2026. Its announcement named 11 debt commitment providers, including JPMorgan Chase Bank, N.A., but did not state their total commitments.
Reuters reported in March that the planned financing package totaled $5.3 billion, comprising $3.3 billion in leveraged loans and $2 billion in high-yield bonds. Bloomberg’s reported next step is investor meetings during the week of Nov. 9; it said a sale could be priced before Thanksgiving.
