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1 | Transactions covered in Q4'25 of DEBT SERIOUS | |||||||||||||||||||||||||
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3 | Numbers in thousands | |||||||||||||||||||||||||
4 | Read comments for important details | |||||||||||||||||||||||||
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6 | Lender | Borrower | Sponsor | Total Debt | Term Loan | Revolver | DDTL | Other | Benchmark | Margin | Discount | Tenor | Purpose | Comments | Weblink | |||||||||||
7 | Blackstone | Squarespace | Permira | $ 2,650,000 | $ - | $ - | $ - | $ - | Base (Prime?) | 3.75% | - | - | Repricing | Blended Rate of Junior and Senior debt. The article appears to conflate the Base Rate or Prime (7.25%) with SOFR (4.30%). As a result, the author is confused by how low the stated spread is. Based on context, it seems more plausible that the rates quoted refer to Base or Prime, as pricing private credit at SOFR + 4.00% would be unusually low. However, my interpretation might be wrong. | www.bloomberg.com/news/articles/2025-09-26/squarespace-reprices-loan-to-one-of-lowest-private-debt-spreads | |||||||||||
8 | Trinity Capital | Rapid Micro Biosystems | Public | $ 45,000 | $ 45,000 | $ - | $ - | $ - | Prime | 4.00% | - | - | Growth | www.sec.gov/Archives/edgar/data/1380106/000138010625000169/rpid-20250808.htm | ||||||||||||
9 | JP Morgan | Sanuwave Health | Public | $ 28,000 | $ 23,000 | $ 5,000 | $ - | $ - | SOFR | 3.50% | - | - | Refinance | www.bloomberg.com/opinion/articles/2025-09-30/jpmorgan-ea-buyout-debt-is-getting-some-private-credit-help | ||||||||||||
10 | JP Morgan | Electronic Arts | Silver Lake,Saudi PIF, Affinity | $ 20,000,000 | $ 18,000,000 | $ - | $ - | $ 2,000,000 | - | - | - | - | Take private | Multiple banks; $2B is - ST working capital facility; PF leverage 7.5x | www.bloomberg.com/opinion/articles/2025-09-30/jpmorgan-ea-buyout-debt-is-getting-some-private-credit-help | |||||||||||
11 | PNC Bank | NETSTREIT | REIT | $ 450,000 | $ 300,000 | $ - | $ 150,000 | $ - | SOFR | 1.15% - 2.20% | - | 5 - 7 | Growth | Multiple debt tranches; multiple banks | www.sec.gov/Archives/edgar/data/1798100/000162828025043080/ntst-20250925.htm | |||||||||||
12 | Chicago Atlantic | Verano Holdings | Public | $ 75,000 | $ - | $ 75,000 | $ - | $ - | SOFR | 6.00% | - | 3 | Upsize | www.sec.gov/Archives/edgar/data/1848416/000149315225016466/form8-k.htm | ||||||||||||
13 | Deutsche Bank | EdgePoint Infrastructure | DigitalBridge & Abu Dhabi Investment Authority | $ 475,000 | $ 475,000 | $ - | $ - | $ - | SOFR | 4.00% | - | 5 | Dividend recap | Multiple banks; Private credit declined due to pricing | www.bloomberg.com/news/articles/2025-10-01/global-banks-fund-asian-tower-loan-edging-out-private-credit | |||||||||||
14 | First Horizon Bank | Standard Premium Finance | Public | $ 75,000 | $ - | $ 75,000 | $ - | $ - | SOFR | 2.15% | - | - | Repricing | Multiple banks; Pricing was reduced from SOFR + 2.55%, and maturity was extended. Media reports mention an additional $40m of uncommitted accordion, which is nonsense—anytime you see “uncommitted,” assume it doesn’t exist. | www.sec.gov/Archives/edgar/data/1807893/000107997325001528/spfx_8k.htm | |||||||||||
15 | Bank of America | Alliance Entertainment | Public | $ 120,000 | $ - | $ 120,000 | $ - | $ - | SOFR | 1.50% - 1.625% | - | 5 | Refinance | www.sec.gov/Archives/edgar/data/1823584/000149315225016711/form8-k.htm | ||||||||||||
16 | Jefferies | ISP Corp | Centerbridge | $ 910,000 | $ 810,000 | $ - | $ 100,000 | $ - | SOFR | 4.00% | - | - | Dividend recap | www.bloomberg.com/news/articles/2025-10-17/jefferies-boosts-yield-on-ips-loan-for-private-equity-payout | ||||||||||||
17 | Jefferies | Shermco | Blackstone | $ 550,000 | $ 550,000 | $ - | $ - | $ - | SOFR | 3.50% | - | - | LBO | www.bloomberg.com/news/articles/2025-10-17/jefferies-boosts-yield-on-ips-loan-for-private-equity-payout | ||||||||||||
18 | Morgan Stanley | Versant Media Group | Public | $ 750,000 | $ 750,000 | $ - | $ - | $ - | SOFR | 4.00% | 98 | - | Dividend recap | Distribution to Comcast and liquidity for the spin-off | www.bloomberg.com/news/articles/2025-10-17/banks-launch-750-million-versant-loan-ahead-of-comcast-spinoff | |||||||||||
19 | Ares | Moderna | Public | $ 1,500,000 | $ 600,000 | $ - | $ 900,000 | $ - | SOFR | 5.50% | - | 5 | General | www.sec.gov/Archives/edgar/data/1682852/000162828025053816/mrna-20251119.htm | ||||||||||||
20 | Morgan Stanley | Abbott Laboratories | Public | $ 20,000,000 | $ 20,000,000 | $ - | $ - | $ - | - | - | - | 1 | Acquisition | Acquisition of Exact Sciences, PF 2026 Debt/EBITDA is 2.7x | www.sec.gov/Archives/edgar/data/1800/000110465925114422/tm2531676d2_ex99-2.htm | |||||||||||
21 | Metzler Bank | FC Schalke 04 | - | $ 76,500 | $ - | $ - | $ - | $ 76,500 | - | 6.50% | - | 5 | General | €90m Private Placement; no benchmark – 6.50% is all-in rate | www.bloomberg.com/news/articles/2025-11-19/german-football-team-schalke-raising-debt-with-a-promotion-bonus?srnd=phx-markets | |||||||||||
22 | DBS Bank | Danantara | - | $ 1,000,000 | $ - | $ 1,000,000 | $ - | $ - | SOFR | 0.95% | - | 3 | General | Option to increase to $10B | www.businesstimes.com.sg/international/asean/indonesian-sovereign-wealth-fund-danantara-taps-banks-us1-billion-credit-line | |||||||||||
23 | Citi | Talen Energy Corp | Public | $ 1,200,000 | $ 1,200,000 | $ - | $ - | $ - | SOFR | 2.00% | - | 7 | Acquisition | Partially finance the acquisitions of Freedom Generating Station and Guernsey Power Station. The total acquisition price of $4B was funded with the Term Loan B and newly issued Notes priced at 6.25% to 6.50%. | www.sec.gov/Archives/edgar/data/1622536/000162253625000037/tln-20251125.htm | |||||||||||
24 | Second Avenue Capital | American Signature | - | $ 50,000 | $ - | $ - | $ - | $ 50,000 | SOFR | 6.20% | - | 0.5 | DIP financing | www.veritaglobal.net/americansignature/document/2512105251126000000000018 | ||||||||||||
25 | JP Morgan | Optimum (Altice USA) | Public | $ 2,000,000 | $ 2,000,000 | $ - | $ - | $ - | SOFR | 4.50% | - | - | Refinance | www.sec.gov/Archives/edgar/data/1702780/000110465925115874/tm2532088d1_ex10-2.htm | ||||||||||||
26 | Blackstone | Metratch | Ontario Teachers Pension Plan | $ 2,000,000 | $ - | $ - | $ - | $ 2,000,000 | SOFR | 4.75% | - | - | Refinance | Refinancing existing first- and second-lien loans, as well as a revolving credit facility and delayed-draw term loans. The rate on Mitratech’s first-lien loan was SOFR + 3.75% and the second-lien was SOFR + 6.75%. Existing lenders include Golub Capital, UBS, Barclays, and Deutsche Bank. | www.bloomberg.com/news/articles/2025-12-04/blackstone-leads-2-billion-loan-to-ontario-teachers-mitratech | |||||||||||
27 | Ares | El Jannah | General Atlantic | $ 196,000 | $ 196,000 | $ - | $ - | $ - | SOFR | 5.00% | - | - | LBO | A$300 million facility; Leverage ~4.5x-5x | www.bloomberg.com/news/articles/2025-12-02/general-atlantic-secures-private-loan-to-fund-chicken-chain-deal | |||||||||||
28 | Goldman Sachs | Sevita Whole Health | Centerbridge, Vistria, MDP | $ 875,000 | $ 875,000 | $ - | $ - | $ - | SOFR | 6.00% | 97 | 5 | LBO & Refi | Refinance existing debt and finance the acquisition of BrightSpring Health; total deal is $2.5B, with the remainder financed with bonds | www.bloomberg.com/news/articles/2025-12-05/morgan-stanley-hikes-yield-for-healthcare-firm-s-bond-offering | |||||||||||
29 | Deutsche Bank | TriplePoint BDC | Public | $ 300,000 | $ - | $ 300,000 | $ - | $ - | SOFR | 2.75% - 4.00% | - | 4 | Repricing | Multiple banks | https://d18rn0p25nwr6d.cloudfront.net/CIK-0001580345/89139f8f-2967-4106-a399-2b3aa5e4ce33.pdf | |||||||||||
30 | Mizuho | Ayvens | Public | $ 264,000 | $ 264,000 | $ - | $ - | $ - | SONIA | 0.85% - 0.975% | - | 3 - 4 | General | £200m Dual-Tranche Loan; 3 and 4 years, two different prices as shown in the chart | www.bloomberg.com/news/articles/2025-12-03/france-s-ayvens-markets-200m-dual-tranche-syndicated-loan | |||||||||||
31 | DBS Bank | Saudi National Bank | - | $ 1,000,000 | $ 1,000,000 | $ - | $ - | $ - | SOFR | 0.90% | - | 5 | General | www.bloomberg.com/news/articles/2025-12-02/saudi-national-bank-s-1-billion-loan-adds-to-middle-east-spree | ||||||||||||
32 | Blackstone | Service Logic | Bain Capital | $ 3,100,000 | $ 3,100,000 | $ - | $ - | $ - | SOFR | 4.50% | - | - | LBO | Grid-based pricing steps down to 4.25%; PF Leverage 6.75x-7.00x | https://peinsights.substack.com/p/bain-capital-secures-31bn-private | |||||||||||
33 | Blackstone | Newfold Digital | Clearlake | $ 100,000 | $ 100,000 | $ - | $ - | $ - | SOFR | 5.75% | - | - | LME-driven financing | Includes GoldenTree and Pimco | https://pe-insights.com/clearlake-portfolio-company-newfold-strikes-100m-financing-to-ease-leverage/ | |||||||||||
34 | JP Morgan | Grindr | Public | $ 600,000 | $ 400,000 | $ 200,000 | $ - | $ - | SOFR | 2.75% - 3.25% | - | 5 | Upsize | Multiple banks; $250m upsize of the existing facility and a 3-year maturity extension; SOFR includes a 10bps CSA (credit spread adjustment) | www.sec.gov/Archives/edgar/data/1820144/000114036125045703/ef20061230_8k.htm | |||||||||||
35 | Avenue Capital | Humacyte | Public | $ 77,500 | $ 40,000 | $ - | $ 37,500 | $ - | Prime | 4.50% | - | 4 | Refinance | Margin: Greater of 11.5% all-in or Prime + 4.50%; Warrants: $3.4m at close and $1.6m upon drawing on DDTL #2 | www.sec.gov/Archives/edgar/data/1818382/000110465925121214/tm2533185d3_8k.htm | |||||||||||
36 | SLR Credit Partners | Treace Medical Concepts | Public | $ 155,000 | $ 125,000 | $ 30,000 | $ - | $ - | SOFR | 4.00% - 5.05% | 5 | Refinance | Terms are more nuanced; click the link for full granularity | www.sec.gov/Archives/edgar/data/1630627/000119312525323802/tmci-20251216.htm | ||||||||||||
37 | TD Bank | Boyd Group Services | Public | $ 675,000 | $ - | $ 675,000 | $ - | $ - | SOFR | 1.75% - 2.25% | - | 4 | Upsize | Multiple banks; upsize of the existing $550m facility; pricing is stated as "better than the previous SOFR + 1.75% to 2.25%" (leverage-based grid) | www.sec.gov/Archives/edgar/data/2091467/000119312525313196/d76164d6k.htm | |||||||||||
38 | Comvest Credit | J.Jill | Public | $ 75,000 | $ 75,000 | $ - | $ - | $ - | SOFR | 5.50% | 99 | 5 | Refinance | www.sec.gov/Archives/edgar/data/1687932/000119312525319455/d28969d8k.htm | ||||||||||||
39 | Oaktree | KIK Custom Products | Centerbridge | $ 150,000 | $ 150,000 | $ - | $ - | $ - | SOFR | 5.50% | - | 3 | Liquidity shortfall | PIK option for the first 2 years at SOFR + 7.50% | www.bloomberg.com/news/articles/2025-12-16/kik-custom-gets-rescue-loan-from-new-lenders-including-oaktree | |||||||||||
40 | SLR Credit Partners | Children Place | Public | $ 100,000 | $ 100,000 | $ - | $ - | $ - | SOFR | 5.25% | - | 5 | Partial paydown | Procceeds to be used to partially paydown borrowing under Wells Fargo's ABL facility | www.sec.gov/Archives/edgar/data/1041859/000104185925000015/plce-20251101.htm#i96abe305f8bb43c98b46c31421d563cd_85 | |||||||||||
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