CDK Debt Prices Splinter After Failed Challenge to Creditor Pact

At Brookfield Business Partners-backed CDK Global, a rare, failed attempt by one creditor group to challenge another has fractured the market for the software company’s roughly $5.5 billion debt pile.

A faction of CDK’s creditors sought to strike a so-called cooperation pact late last week to counter an existing coalition of lenders that includes Pacific Investment Management Co., BlackRock Inc. and Blackstone Inc., according to people familiar with the matter.