US Leveraged Loan Issuance Rebounds in September

Following three consecutive months of declining issuance, the US leveraged loan market has reversed course in September. Approximately $48.7b of loans have priced through September 22, with an additional $29.0b expected to allocate before month-end. If completed as scheduled, total monthly issuance would reach $77.7b, a significant rebound from the $32.9 billion priced in August, though still below the $92.4 billion recorded in September of last year.

The largest transaction to price this month was Authentic Brands’ $4.5b Term Loan B refinancing, which saw pricing tighten and commitments increase during syndication, reflecting solid investor demand.

Also expected to allocate this week is White Cap Supply’s $4.1b TLB amendment, which will extend the company’s existing facility to a new seven-year maturity while reducing its borrowing costs.