Software Firm Cornerstone’s Lenders Sign Pact for Debt Talks

Lenders to employee training software company Cornerstone OnDemand Inc. signed a cooperation agreement among themselves to work together in potential debt talks as maturities near, according to people familiar with the matter.

A majority of in the company’s $2.1 billion first lien term loan due in 2028 signed a so-called cooperation agreement this week, said the people familiar, who asked not to be identified discussing a private matter. The group is being advised by law firm Gibson, Dunn & Crutcher.

Clearlake Capital-backed Cornerstone is one of many software companies that have seen its debt trade down in recent ...