Ivanti Software, an IT management platform backed by Clearlake Capital Group, has secured a deal with a group of lenders for approximately $350 million in new financing. This agreement also extends the maturities on its existing debt obligations, as reported by Bloomberg.

The upcoming deal will be presented to a wider group of lenders soon, allowing all existing lenders to participate without needing to reduce the face value of their holdings. Additionally, the new debt package will provide lenders with improved protective covenants.

This financing arrangement comes amid increased market volatility, particularly as U.S. credit markets are affected by global trade tensions. Although financing conditions have tightened, with wider spreads in leveraged loans and high-yield bonds, some selective transactions are still progressing.

Ivanti currently holds around $2.8 billion in total debt. Its $1.7 billion term loan, due in 2027, has recently been quoted at about 70 cents on the dollar. The company has been facing operational challenges as it transitions from a licensing-based revenue model to a subscription model, which has led to ongoing earnings pressure.

In March, S&P Global Ratings downgraded Ivanti to CCC+, highlighting concerns over elevated default risk and potential restructuring issues.