Leveraged Loans

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Leveraged Loans

Leveraged loan market poaches record $12B of direct-lending deals in Q3

September 25, 2026

The refinancings generally have been limited to the higher-quality tier of direct-lending names.

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Leveraged Loans

Peranel sets final terms for upsized €2.87B cross-border loan

September 25, 2026

Proceeds support Platinum Equity’s acquisition of a 50% stake in Nestlé’s water and beverage business to create an equal joint venture.

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Leveraged Loans

Paramount Skydance launches $7.5B leveraged loan for Warner Bros Discovery acquisition

September 25, 2026

Proceeds from the loan and around $44.4 billion of additional secured debt will support the deal.

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Leveraged Loans

Leveraged loan fund assets rise as Fed turns hawkish

September 22, 2026

Rate-hiking cycles have frequently coincided with growth in AUM at leveraged loan funds.

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Private Credit

The dominance of credit megafunds has only grown in 2026

September 21, 2026

Credit funds of $5 billion or larger accounted for 57% of H1 fundraising, though PE sponsors are increasingly turning to banks for better-priced loans.

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Leveraged Loans

PANTHERx Rare launches $3B LBO loan package, replacing private credit

September 18, 2026

Warburg Pincus announced in July that it was acquiring a controlling interest in PANTHERx from Nautic Partners, General Atlantic and The Vistria Group.

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Direct Lending

Partners Group, Eurazeo weigh leveraged loan for Aroma-Zone buyout

September 15, 2026

Partners Group last month said it entered into exclusivity to acquire Aroma-Zone from Eurazeo.

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Leveraged Loans

Utz Quality Foods sets price talk for $1.1B TLB; commitments due Sept. 16

September 11, 2026

Price talk for the seven-year covenant-lite TLB is S+350, with a 0% floor and an OID of 99-99.5.

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Private Equity

Private credit loses its edge in the battle for PE borrowers

September 10, 2026

A steady stream of retail redemptions is hamstringing large direct lenders, creating an opening for banks and the broadly syndicated market.

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Leveraged Loans

Leveraged loan issuer earnings growth persists, despite AI spending fears

September 9, 2026

With investors wary of debt-servicing hiccups as rates rise, strong earnings were a salve for key coverage ratios.

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Leveraged Loans

August Wrap: Loans return 0.93%, buoyed by rebound in software sector

September 2, 2026

Software loan prices gained 127 bps in August, to 87.73% of par, while non-software loans gained 22 bps, to 97.06.

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Distressed & Defaults

Leveraged loan default rate dips further to 0.87%; distress ratio eases

September 2, 2026

The current payment default rate (by amount) falls below the running 5-year and 10-year average monthly default rates.

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Leveraged Loans

Curium acquisition of Lantheus backed by $5.375B of debt financing

August 26, 2026

In addition to the debt financing, CapVest Partners, Curium’s current sponsor, is providing an equity commitment of $2.346 billion.

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Leveraged Loans

DraftKings wraps upsized $700M TLB for convertible notes repurchase

August 21, 2026

The transaction also includes a new $750 million senior secured first-lien revolving credit facility.

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Direct Lending

European direct lending volume rebounds, amid support for software names

August 18, 2026

The most recent European direct lending data shows a boost in deal count and estimated volume.

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Distressed & Defaults

Leveraged loan default rate sticks below 1% in July; distress ratio edges higher

August 7, 2026

The distress ratio, defined as the share of loans trading below 80 cents on the dollar, ticked up to 6.89% in July.

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Leveraged Loans

July Wrap: Software, insurance sectors lead loan rally

August 7, 2026

Despite the recent improvement, software remains the second-worst-performing sector in the asset class YTD, ahead of only building products.

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Leveraged Loans

Application software loans, with $147B outstanding, hit hardest by AI fears

August 5, 2026

Refinancing or extending near-term software maturities is possible, but it can come at a steep price, even when investors are comfortable with potential AI disruption risks.

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