Shaken by AI Threats Perforce Software Inks Rare Swap on Risky Debt

Perforce Software Inc. reached a deal with a group of junior lenders that buys the company more time to repay a looming pile of debt while allowing the creditors to move up in the pecking order.

As part of the deal, the Clearlake Capital and Francisco Partners-backed firm will issue $297 million of new notes maturing in 2031, according to people with knowledge of the matter, who asked not to be identified because they aren’t authorized to speak publicly. The junior creditors, who hold a loan that matures next year, will swap that debt for the new bonds, the people said.