Q1 2026 LME update – 11 LMEs cross the finish line

Liability management exercises that closed in the first quarter ending 31 March 2026 comprised two pro rata transactions, two drop-downs, four deals away, and three LMA&Es, according to deals tracked by 9fin.

The quarter saw ink dry on 11 completed LME transactions, reflecting a cohort that is gentler and offers more equity than in times past. Aggressive uptiers and drop-downs are retreating in favor of more consensual amend and extend, pro rata or debt-to-equity features.

This analysis tracks the completed LMEs during the last quarter, as well as their key deal features. We also take a closer look at some of the stand-out names and trends across these transactions.