Senior lenders to Solera Holdings Inc., including Apollo Global Management and Pacific Investment Management Co., have formed a group to address the software company's debt maturing in 2028, according to people familiar with the matter. The lenders have engaged legal counsel as they prepare for negotiations around the maturing loans.

Solera, a provider of vehicle lifecycle management software owned by Vista Equity Partners, faces a significant refinancing challenge as its debt approaches maturity. The formation of a unified lender group suggests the debt holders are coordinating their approach to discussions with the company. This type of lender alignment often occurs when borrowers face potential refinancing difficulties or when market conditions make debt restructuring likely.

The move comes as companies across various sectors grapple with maturing debt in a higher interest rate environment. For Solera, which operates in the automotive software industry, the coordinated lender approach could signal either preparation for potential refinancing discussions or anticipation of broader negotiations around the company's capital structure.