$3 BILLION BLACKSTONE LOAN IS GOING UNDER - INVESTORS WILL BE LEFT HOLDING THE BAG

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Private credit just crossed a line. A lender group led by Blackstone refused to extend another lifeline to Medallia, forcing a breaking point for one of the biggest pandemic-era software buyouts.

This is the shift:
• PIK “fake income” is gone
• Debt costs are exploding
• Cash flow can’t support the structure

The company’s debt service is now approaching $300 million annually — against roughly $200 million in earnings. That’s failure.

Now lenders including Blackstone, Apollo, and KKR are preparing to:
• Push the loan into non-accrual status
• Force a debt-for-equity takeover
• Or demand fresh capital

Blackstone already marked the loan down over 30%. Other lenders have it near 69 cents on the dollar

This is happening across:
• ARR-based lending
• Software rollups
• Private credit portfolios inside pensions and BDCs

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