(Bloomberg) -- Digital marketing company CM Group has become the second company to withdraw a U.S. leveraged loan sale in as many days as some investors that buy the risky debt become more selective amid a year-end deal surge.

The four-year-old company, which owns Campaign Manager and other email marketing platforms, shelved a $590 million seven-year offering that was meant to help finance its merger with Cheetah Digital Inc. and refinance existing debt, according to people with knowledge of the matter.

Lead arranger Jefferies Financial Group Inc. withdrew the transaction on Friday, two weeks after commitments were originally due, said one of the people, who asked not to be identified because the discussions are private.

The companies don’t expect the withdrawal of the loan sale to derail the closing of the acquisition, according to a separate person with knowledge of the matter.

Representatives for Jefferies, CM Group and Insight Partners, CM Group’s majority owner, didn’t immediately respond to requests for comment. A spokesperson for Vector Capital, the majority owner of Cheetah, declined to comment.

Borrowers have raised billions of dollars in the loan market this year to fund everything from leveraged buyouts to payouts to private equity owners. A late-year dash to wrap up acquisition financings got underway last week, but some investors are growing more cautious about adding risk to their portfolios.

On Thursday, American Physician Partners similarly shelved a loan sale that had struggled to attract demand from investors, Bloomberg previously reported.

©2021 Bloomberg L.P.