Gainwell Technologies, backed by Veritas Capital, has kicked off a $5.8 billion debt overhaul that would be the US software sector’s biggest of 2026. The move comes as software companies have underperformed the broader leveraged-loan market by the most in years.

The refinancing involves restructuring existing debt obligations, likely to reduce interest costs or extend maturities. It marks a significant financial maneuver for the company, which provides technology solutions for healthcare and government programs.

The sector's lag relative to the leveraged loan market highlights investor caution about software firms' growth and cash flow. This deal could signal a shift in how software companies manage their capital structures amid persistent rate pressures.

Success of this refinancing may set a precedent for other software firms considering similar moves, underscoring the importance of proactive debt management in a challenging rate environment.