According to Refinitiv LPC, US #unitranche volume came to almost $22 billion last quarter – the highest level they’ve tracked historically.

At the same time, one-stop risk/return dynamics have moved in favor of issuers. The average debt/ebitda is now at a record high 5.9x, with all-in Libor spreads hovering around 600 bps.

As we told M&A magazine, recently, “The disintermediation away from the loan syndication market to private credit has accelerated in this hyper competitive M&A climate. That’s included their credit providers...