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The Unicrunch — refinancings and second liens

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Market Wrap

The Unicrunch — refinancings and second liens

Peter Benson's avatar
  1. Peter Benson
4 min read

The Unicrunch is our US private credit newsletter, in which we break down everything from unitranches to ABL lending. Find out more about 9fin for private credit.

Age of the refinancing

As summer comes to an end, there is hope that the M&A market can get back on track. 9fin’s inaugural private credit quarterly review found that the majority of activity in the private side of the debt market is looking internally.

In the upper end of the middle market — loans to companies with over $50m EBITDA — almost half of all issuance in the quarter went to refinancings. Around 30% of issuance in that part of the market was for recaps, repricings or other loans. By comparison, just over 20% of debt issued by private credit managers was for new leveraged buyouts or for M&A.

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