Overview
Gainwell Technologies LLC, a healthcare technology provider, is in discussions with investors to refinance nearly $5.7 billion of leveraged loans, representing the largest refinancing transaction in the U.S. software industry for 2026.
Debt Structure and Refinancing Plan
The refinancing target comprises approximately $4.2 billion of first‑lien debt and a riskier second‑lien loan of about $1.5 billion. JPMorgan Chase & Co is advising the company. Gainwell is evaluating a high‑yield bond issuance combined with a leveraged‑loan sale to replace the first‑lien obligations, while the second‑lien exposure may be refinanced with its existing lenders.
Market Context
Technology borrowers collectively hold roughly $92 billion of leveraged loans that mature by 2028, accounting for almost one‑third of the total $300 billion of U.S. leveraged‑loan maturities scheduled for that year, underscoring the significance of investor appetite for such refinancing.