JPMorgan to Test Appetite for Software Debt With $5 Billion Deal

A lender group led by JPMorgan Chase & Co. is preparing to raise $5.3 billion of debt to support Qualtrics International Inc.’s purchase of health-care survey firm Press Ganey Forsta, according to people familiar with the matter.

The package is expected to comprise a $3.3 billion leveraged loan issued in US dollars and euros, while another $2 billion could be sold in the high-yield bond market or to private credit firms, said the people, who requested anonymity to discuss private deliberations. A deal could launch in March, they added. Proceeds will also refinance about $1.8 billion in Press Ganey’s debt, the people said.