Carlyle-backed Veritas nears US$4bil debt deal
Source: The Star
Published on: 2024-11-13 23:19
NEW YORK: Carlyle Group Inc-backed Veritas US Inc is closing in on a deal to restructure US$4bil of debt it owes next year, according to sources. The software company has agreed to terms with a group of lenders, and is now seeking an agreement with other creditors, said the people, who asked not to be identified because the discussions are private. The overhaul would end months of talks between the company and creditors over how to use the US$3.6bil it got from the sale of its data protection business to Cohesity Inc to deal with the maturing debt. Veritas has battled with its lenders, led by Elliott Investment Management, over how to structure the payouts. Under terms of the deal, Veritas will use cash proceeds from the sale to help repay US$3bil of its notes and bonds. Another US$600mil of the cash paydown will come from a new margin loan tied to Cohesity that carries a five-year ...
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