PIK Debt Is Turning PE‑Backed SaaS Deals Into Fast‑Track Failures
PE‑backed SaaS firms are hitting a hidden collapse point when payment‑in‑kind (PIK) debt matures. Medallia’s $6.4 B buy turned into a $5.1 B equity wipeout, and a dozen similar deals sit on the same fuse. The analysis flags which companies are already down, which are ticking, and who’s next to implode.