Average sponsored TLB tenors fall to six-year low

The maturity runway is shrinking for newly originated US sponsored term loan Bs. Average tenor fell to roughly 76 months in YTD 2026, down from nearly 80 months in 2025 and the lowest level of the six-year period. The decline comes even as borrowers have made considerable progress pushing existing debt further out. As our July 29 Gold Sheets analytic showed, nearly 25% of leveraged loans maturing through 2030 had been repaid, refinanced or extended since the start of the year, while the share of outstanding loans maturing beyond 2030 increased to 60% from roughly 50% in January. Much of that pushout came through straight refinancings and new six- and seven-year paper rather than extension amendments. Against that backdrop, shorter tenors on YTD 2026 originations stand out: new borrowers are receiving less runway even as the broader market extends its maturity profile. That could bring the latest crop of TLBs back to market sooner, leaving borrowers more exposed to future changes in rates, spreads and liquidity.