JPMorgan Chase & Co. is spearheading a $5.3 billion debt financing to support Qualtrics International Inc.'s acquisition of health-care survey firm Press Ganey Forsta, according to sources familiar with the matter. The transaction represents a significant test of corporate appetite for leveraged loans in the current market environment, where rising interest rates have made debt financing more expensive.

Qualtrics, a cloud-based experience management platform, has been aggressively expanding its footprint in the healthcare sector. The acquisition of Press Ganey Forsta, a provider of patient experience and employee engagement solutions, would strengthen Qualtrics' position in the healthcare analytics market. The debt financing structure suggests confidence in Qualtrics' ability to service the substantial new obligations while pursuing its strategic growth objectives.

The deal comes as banks and investors reassess their appetite for leveraged loans amid economic uncertainty. JPMorgan's leadership of this transaction signals continued demand for quality corporate borrowers, even as credit markets face headwinds. The successful placement of this debt would demonstrate that well-positioned technology companies can still access capital markets despite challenging conditions.