| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | Transactions covered in Q2'26 of DEBT SERIOUS | ||||||||||||||||||||||||||
2 | |||||||||||||||||||||||||||
3 | Numbers in thousands | ||||||||||||||||||||||||||
4 | Read comments for important details | ||||||||||||||||||||||||||
5 | |||||||||||||||||||||||||||
6 | Lender (Agent Only) | Borrower | Sponsor | Total Debt | Term Loan | Revolver | DDTL | Other | Benchmark | Margin | Discount | Tenor | Purpose | Comments | Weblink | ||||||||||||
7 | JP Morgan | Mativ Holdings | Public | $ 500,000 | $ 500,000 | $ - | $ - | $ - | SOFR | 4.50% | 95 | - | Refinance | This is one of the biggest discounts so far this year, as investor demand for risky debt wanes amid volatile markets. | www.bloomberg.com/news/articles/2026-03-30/mativ-holdings-prices-500-million-junk-loan-at-steep-discount?taid=69caf135ce3e6b00011e304c&utm_campaign=trueanthem&utm_content=business&utm_medium=social&utm_source=twitter | ||||||||||||
8 | MUFG Bank | CoreWeave | Public | $ 8,500,000 | $ - | $ - | $ 8,500,000 | $ - | SOFR | 2.25% | - | 6 | Capex | Two separate DDTLs: $4.5B floating-rate tranche at SOFR + 2.25% and $4B fixed-rate tranche with an all-in rate of ~5.9% (as of close). Both DDTLs are to be drawn by June 2027. | www.sec.gov/Archives/edgar/data/1769628/000176962826000129/ex1011.htm | ||||||||||||
9 | FocusGrowth | Jushi Holdings | Public | $ 160,000 | $ 160,000 | $ - | $ - | $ - | All-in rate | 12.50% | 96 | 3 | Refinance | Cannabis operator | www.cannabisbusinesstimes.com/finance/news/15820777/jushi-holdings-refinances-credit-facilities-with-160-million-nondilutive-debt-financing | ||||||||||||
10 | JP Morgan | Core Scientific | Public | $ 500,000 | $ - | $ - | $ 500,000 | $ - | SOFR | 2.50% | - | 1 | General | Morgan Stanley provided $500m in March, with JP Morgan coming in with an additional $500m. The proceeds will be used for general purposes related to the development of data center assets | www.sec.gov/Archives/edgar/data/1839341/000162828026020327/exhibit991-amendno1credi.htm | ||||||||||||
11 | BSL (N/A) | Venture Global | Public | $ 1,750,000 | $ 1,750,000 | $ - | $ - | $ - | SOFR | 3.25% | 98.5 | 7 | Refinance | Lenders are not revealed. The purpose is to refinance the preferred equity. Certain details about the loan are taken from the Fitch newsletter - no link available. | www.sec.gov/Archives/edgar/data/2007855/000200785526000034/vg-20260410.htm | ||||||||||||
12 | Macquarie | Texas Critical Data Centers | Public | $ 290,000 | $ 90,000 | $ - | $ 200,000 | $ - | SOFR | 5.50% - 7.75% | - | 3 | General | Texas Critical is a sub of New Era Energy & Digital; $20m TL A-1 and $30m TL A-2 are priced at S+5.50%; $40m TL A-3 and $200m DDTL are priced at S+7.75%. | www.sec.gov/Archives/edgar/data/2028336/000121390026041499/ea0285353-8k_newera.htm | ||||||||||||
13 | Capital One | Consumer Portfolio Services | Public | $ 167,500 | $ - | $ - | $ - | $ 167,500 | SOFR | 2.75% | - | 1.5 | General | A Warehouse facility for this specialty lender is upsized by $167.5m to $390m. The facility is secured by automobile receivables that CPS now holds or may acquire in the future from dealers, with an advance rate of up to 95.5%. | www.sec.gov/Archives/edgar/data/889609/000168316826002775/cps_8k.htm | ||||||||||||
14 | Bank of America | Tory Burch | Family-owned | $ 400,000 | $ 400,000 | $ - | $ - | $ - | SOFR | 4.00% | 98 | 5 | Acquisition | The owner buys back General Atlantic’s share. | www.bloomberg.com/news/articles/2026-04-17/tory-burch-sweetens-terms-on-loan-to-buy-out-general-atlantic?srnd=all | ||||||||||||
15 | Morgan Stanley | Cerebras Systems | Public | $ 850,000 | $ - | $ 850,000 | $ - | $ - | SOFR | 2.25% | - | 5 | General | The initial commitment is $250m, which will be increased subject to PF covenant compliance. | www.sec.gov/Archives/edgar/data/2021728/000162828026025762/cerebras-sx1april2026.htm | ||||||||||||
16 | Bank of America | U.S. Physical Therapy | Public | $ 450,000 | $ 175,000 | $ 275,000 | $ - | $ - | SOFR | 1.25% - 2.25% | - | 5 | General & Refinance | The pricing grid is based on consolidated leverage. Other participants: Regions, JPMorgan, U.S. Bank, Citizens. | www.sec.gov/Archives/edgar/data/885978/000088597826000017/form8-k.htm | ||||||||||||
17 | Citizens Bank | CareCloud | Public | $ 50,000 | $ 40,000 | $ 10,000 | $ - | $ - | SOFR | 2.50% - 3.50% | - | 4 | General & Refinance | The Revolver is priced at S+2.50%, and the Term Loan is priced at S+3.50%. | www.sec.gov/Archives/edgar/data/1582982/000149315226016464/ex10-1.htm | ||||||||||||
18 | Fifth Third Bank | Lincoln Education Services | Public | $ 125,000 | $ - | $ 125,000 | $ - | $ - | SOFR | 1.50% - 2.25% | - | 5 | General | The pricing grid is based on consolidated leverage. Other participants: Provident Bank, Santander, and Flagstar | www.sec.gov/Archives/edgar/data/1286613/000114036126014854/ef20070646_8k.htm | ||||||||||||
19 | Deutsche Bank | Odeon Finco (sub of AMC) | Public | $ 425,000 | $ 425,000 | $ - | $ - | $ - | All-in rate | 10.50% | - | 5 | Refinance | The proceeds were used to fund the full redemption of Odeon’s outstanding 12.750% Senior Secured Notes due 2027. | https://investor.amctheatres.com/news-events/press-releases/detail/419/amc-entertainment-holdings-inc-subsidiary-odeon-finco-plc-announces-closing-of-425-million-term-loan | ||||||||||||
20 | JP Morgan | Kuwait Petroleum Corporation | National | $ 6,000,000 | $ 6,000,000 | $ - | $ - | $ - | SOFR | 1.70% | - | 20 | Acquisition | Investors are working to acquire a $7B stake in the Kuwaiti government-owned oil pipeline network. | www.reuters.com/business/energy/jpmorgan-among-banks-providing-financing-kuwaiti-oil-pipeline-stake-deal-2026-04-27/ | ||||||||||||
21 | Goldman Sachs | BASF Coating | Carlyle | $ 2,281,000 | $ 1,400,000 | $ - | $ - | $ 881,000 | SOFR/Euribor | 4.25% - 4.50% | - | 7 | Acquisition | Banks are to finance Carlyle's LBO of BASF Coating (sub of BASF SE), financed via $1.4B USD TL B and $881m (€750m) EUR TL B. USD is priced at S+4.25% and EUR at E+4.50% | www.bloomberg.com/news/articles/2026-04-27/banks-launch-2-billion-basf-coatings-loan-sale-for-buyout | ||||||||||||
22 | Oaktree Capital | Establishment Labs Holdings | Public | $ 300,000 | $ 300,000 | $ - | $ - | $ - | All-in rate | 8.75% | 99 | 5 | General & Refinance | Optional PIK in the first year, leverage-based step-down, and a 1% exit fee. | www.sec.gov/Archives/edgar/data/1688757/000168875726000033/esta-20260430.htm | ||||||||||||
23 | Carlyle | Orbcomm | GI Partners | $ 460,000 | $ 460,000 | $ - | $ - | $ - | SOFR | 5.25% | 98 | - | Refinance | Carlyle, Bain, and Morgan Stanley PC refinanced BSL | https://news.bloomberglaw.com/bankruptcy-law/gi-partners-backed-orbcomm-taps-private-market-for-refinancing | ||||||||||||
24 | BSL (N/A) | Lockton | Family-owned | $ 600,000 | $ 600,000 | $ - | $ - | $ - | SOFR | 2.00% | - | 7 | Refinance & Dividend | Per Fitch: Lockton made its debut in the BSL with pricing tightening twice during syndication to S+2.00%. | www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3548367 | ||||||||||||
25 | BSL (N/A) | AIT Worldwide | Greenbriar Equity Group | $ 1,915,000 | $ 1,600,000 | $ 315,000 | $ - | $ - | SOFR | 4.25% | - | 7 | Acquisition | Per Fitch: Deal announced in February, and just closed. The transaction also includes $500m of unsecured notes | www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3547316 | ||||||||||||
26 | Goldman Sachs | Boyd Corp | GSAM (Goldman) | $ 530,000 | $ 530,000 | $ - | $ - | $ - | SOFR | 4.50% | 92 | - | Refinance | The loan’s proceeds will go toward repaying a term loan and preferred equity with a combined $2.4 billion outstanding as of Sept. 30. Some of the divestiture’s proceeds will also be used for that purpose, though most will be a distribution to GSAM | www.bloomberg.com/news/articles/2026-05-04/goldman-backed-boyd-offers-loan-at-deep-discount-post-eaton-deal | ||||||||||||
27 | BSL (N/A) | Yahoo | Apollo | $ 700,000 | $ 700,000 | $ - | $ - | $ - | SOFR | 6.50% | 97 | 5 | Refinance | Yahoo refinanced $1.6B debt via a $700m TL B and $900m in junk bonds | www.bloomberg.com/news/articles/2026-05-08/yahoo-pays-up-to-refinance-1-6-billion-debt-tied-to-apollo-deal | ||||||||||||
28 | Wells Fargo | Delek US | Public | $ 850,000 | $ 850,000 | $ - | $ - | $ - | SOFR | 3.00% | - | 6 | Refinance | N/A | www.sec.gov/Archives/edgar/data/1694426/000119312526214755/d123160d8k.htm | ||||||||||||
29 | BSL (N/A) | GGP Retail | Brookfield Capital | $ 844,000 | $ 844,000 | $ - | $ - | $ - | SOFR | 3.00% | - | 4 | Repricing | Loan was repriced from S+3.50% to S+3.0% | source: fitch | ||||||||||||
30 | BSL (N/A) | Mavis Tire Express | BayPine | $ 775,000 | $ 775,000 | $ - | $ - | $ - | SOFR | 3.00% - 3.25% | - | 7 | Refinance | PF leverage 7.4x, interest coverage in the high-1x range. Proceeds to redeem convertible preferreds | https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3554474 | ||||||||||||
31 | Goldman Sachs | Applied Digital | Public | $ 300,000 | $ 300,000 | $ - | $ - | $ - | SOFR | 2.75% | - | 1 | Bridge Financing | Proceeds of will be used to fund the development and construction of its third data center in North Dakota | https://finance.yahoo.com/markets/stocks/articles/applied-digital-apld-raises-300m-010140597.html | ||||||||||||
32 | Oaktree Capital | Spetrum Brands | Public | $ 60,000 | $ 60,000 | $ - | $ - | $ - | SOFR | 5.50% | - | - | General | Oaktree's financing provided liquidity to Spectrum subsidiary HPC. Additionally, Oaktree invested $67m in convertible preferred equity yielding 8%, which gives Oaktree 27% ownership of HPC. | www.sec.gov/Archives/edgar/data/109177/000010917726000013/spb-20260501.htm | ||||||||||||
33 | Morgan Stanley | CoreWeave | Public | $ 3,100,000 | $ 3,100,000 | $ - | $ - | $ - | SOFR | 4.50% | 99 | 5.5 | Capex | First GPU-financing loan brought to the BSL | www.bloomberg.com/news/articles/2026-05-05/coreweave-gets-lower-costs-on-3-1-billion-loan-as-demand-surges | ||||||||||||
34 | Wells Fargo | Venetian Resorts | Apollo | $ 1,175,000 | $ 1,175,000 | $ - | $ - | $ - | SOFR | 3.75% | 99 | 7 | Refinance | N/A | www.bloomberg.com/news/articles/2026-05-01/venetian-resort-las-vegas-seeks-2-35-billion-to-refinance-debt | ||||||||||||
35 | Barclays | Modern Star | Pacific Equity | $ 410,000 | $ 410,000 | $ - | $ - | $ - | BBSY | 4.25% | - | 5 | Refinance | Tenor was shortened from 7 years, and pricing was lifted by 25bps due to market volatility resulting from the Middle East conflict. | www.bloomberg.com/news/articles/2026-05-13/pep-firms-sweeten-loan-terms-as-volatility-hits-riskier-debt | ||||||||||||
36 | Standard Chartered | Healthe Care | Pacific Equity | $ 225,000 | $ 225,000 | $ - | $ - | $ - | BBSY | 5.00% | - | 5 | Refinance | Tenor was shortened from 7 years, and pricing was lifted by 50bps due to market volatility resulting from the Middle East conflict. | www.bloomberg.com/news/articles/2026-05-13/pep-firms-sweeten-loan-terms-as-volatility-hits-riskier-debt | ||||||||||||
37 | BSL (N/A) | PODS LLC | Ontario Teachers | $ 900,000 | $ 900,000 | $ - | $ - | $ - | SOFR | 4.50% | - | 7 | Refinance | In addition, $500m of first-lien notes was issued at 8.75%. | source: Fitch | ||||||||||||
38 | Oaktree Capital | Aquestive Therapeutics | Public | $ 150,000 | $ 150,000 | $ - | $ - | $ - | SOFR | 6.25% | - | 5 | General & Refinance | Structured as four separate tranches subject to incurrence tests, including FDA approval. Pricing floor is 2.75%. | www.sec.gov/Archives/edgar/data/1398733/000139873326000029/aqst-20260512.htm | ||||||||||||
39 | Goldman Sachs | SpaceX | EVERYONE | $ 20,000,000 | $ 20,000,000 | $ - | $ - | $ - | SOFR | 1.75% | - | 1.5 | Refinance | SpaceX used a $20B bridge loan to refinance various private debt facilities priced at SOFR + 6.50% to 12.5% (all-in). The pricing grid is SOFR + 0.75% to 1.75%, tied to SpaceX's credit rating. | https://www.ifre.com/region/2431030/spacex-locks-in-us20bn-bridge-as-ipo-countdown-begins | ||||||||||||
40 | JP Morgan | Warner Bros | Public | $ 10,160,000 | $ 10,160,000 | $ - | $ - | $ - | SOFR/Euribor | 2.75% - 3.00% | 99 | 7 | Refinance | WB to use the $9B USD and €1B EUR ($1.16B USD) loans to refi a bridge loan from 2025. | https://www.reuters.com/legal/transactional/wall-street-banks-boost-warner-bros-loan-over-10-billion-ahead-paramount-merger-2026-05-21/ | ||||||||||||
41 | BSL (N/A) | Athenahealth | Bain / Hellman | $ 4,400,000 | $ 4,400,000 | $ - | $ - | $ - | SOFR | 3.25% | - | 6 | Amend & Extend | Upsizing from $4B to $4.4B, a 50bps pricing reduction, alongside a 3-year maturity extension | source: Fitch | ||||||||||||
42 | BSL (N/A) | Columbia Gas & Gulf | GIP | $ 1,200,000 | $ 1,200,000 | $ - | $ - | $ - | SOFR | 2.00% | - | 7 | Dividend & Refinance | N/A | source: Fitch | ||||||||||||
43 | BSL (N/A) | Héroux-Devtek | Platinum Equity | $ 470,000 | $ 470,000 | $ - | $ - | $ - | SOFR | 3.25% | - | 7 | Amend & Extend | The loan was put in place in 2025, but repriced from SOFR + 4.50% in the past several months. | source: Fitch | ||||||||||||
44 | Bank of America | HawkEye 360 | Public | $ 125,000 | $ - | $ 125,000 | $ - | $ - | SOFR | 2.25% - 3.00% | - | 5 | General | Undrawn fees 25bps–50bps, based on leverage. Covenants: Net Leverage < 3.50x, stepping down to 3.00x in the final six quarters; Interest coverage > 3.0x. | www.sec.gov/Archives/edgar/data/1750704/000162828026037051/hawk-20260518.htm | ||||||||||||
45 | Bit Digital Capital | WhiteFiber | Public | $ 100,000 | $ - | $ - | $ 100,000 | $ - | All-in rate | 9.50% | - | 0.75 | Capex | Bridge 9-month DDTL to be used for data center buildout. The facility can be extended by an additional 9 months, subject to achieving certain milestones. A 3% commitment fee is charged upon draw, and the undrawn commitment fee is 50bps. | www.sec.gov/Archives/edgar/data/2042022/000121390026061575/ea0292280-8k_white.htm | ||||||||||||
46 | National Bank of Canada | Triple Flag Precious Metals | Public | $ 1,000,000 | $ - | $ 1,000,000 | $ - | $ - | SOFR | 1.325% - 2.75% | - | 4 | Amend & Extend | The facility was upsized by $300m and pricing decreased by 12.5 bps | www.sec.gov/Archives/edgar/data/1829726/000110465926065877/tm2615513d1_ex99-1.htm | ||||||||||||
47 | Citibank | American Airlines | Public | $ 1,850,000 | $ - | $ 1,850,000 | $ - | $ - | SOFR | 3.00% | - | 7 | Refinance | Upsized the loan from $1B to $1.85B and increased pricing from S+1.75% to S+3.0%. | www.sec.gov/Archives/edgar/data/6201/000119312526248886/d118984dex101.htm | ||||||||||||
48 | BSL (N/A) | Alliant Insurance | Stone Point | $ 1,350,000 | $ - | $ 1,350,000 | $ - | $ - | SOFR | 2.50% | - | - | Refinance | Refinanced 6.75% Notes | source: Fitch | ||||||||||||
49 | |||||||||||||||||||||||||||
50 | |||||||||||||||||||||||||||
51 | |||||||||||||||||||||||||||
52 | Just to be clear: more deals surfaced, but I only flagged ones with details beyond size (pricing, attachment, etc.). If you catch wind of more, send them over - anonymity guaranteed. | ||||||||||||||||||||||||||
53 | |||||||||||||||||||||||||||
54 | |||||||||||||||||||||||||||
55 | |||||||||||||||||||||||||||
56 | |||||||||||||||||||||||||||
57 | |||||||||||||||||||||||||||
58 | |||||||||||||||||||||||||||
59 | |||||||||||||||||||||||||||
60 | |||||||||||||||||||||||||||
61 | |||||||||||||||||||||||||||
62 | |||||||||||||||||||||||||||
63 | |||||||||||||||||||||||||||
64 | |||||||||||||||||||||||||||
65 | |||||||||||||||||||||||||||
66 | |||||||||||||||||||||||||||
67 | |||||||||||||||||||||||||||
68 | |||||||||||||||||||||||||||
69 | |||||||||||||||||||||||||||
70 | |||||||||||||||||||||||||||
71 | |||||||||||||||||||||||||||
72 | |||||||||||||||||||||||||||
73 | |||||||||||||||||||||||||||
74 | |||||||||||||||||||||||||||
75 | |||||||||||||||||||||||||||
76 | |||||||||||||||||||||||||||
77 | |||||||||||||||||||||||||||
78 | |||||||||||||||||||||||||||
79 | |||||||||||||||||||||||||||
80 | |||||||||||||||||||||||||||
81 | |||||||||||||||||||||||||||
82 | |||||||||||||||||||||||||||
83 | |||||||||||||||||||||||||||
84 | |||||||||||||||||||||||||||
85 | |||||||||||||||||||||||||||
86 | |||||||||||||||||||||||||||
87 | |||||||||||||||||||||||||||
88 | |||||||||||||||||||||||||||
89 | |||||||||||||||||||||||||||
90 | |||||||||||||||||||||||||||
91 | |||||||||||||||||||||||||||
92 | |||||||||||||||||||||||||||
93 | |||||||||||||||||||||||||||
94 | |||||||||||||||||||||||||||
95 | |||||||||||||||||||||||||||
96 | |||||||||||||||||||||||||||
97 | |||||||||||||||||||||||||||
98 | |||||||||||||||||||||||||||
99 | |||||||||||||||||||||||||||
100 | |||||||||||||||||||||||||||