US LBO first-lien leverage at all-time high

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Total leverage on US LBO deals continues to hover around the 7.1x mark in 1Q22, the same area its averaged over the last seven quarters. What is different this quarter is an increase in first-lien leverage which is averaging 5.9x so far, the highest level tracked all-time.
 
So far in 1Q22, ten LBO deals have seen an increase in their first-lien term loans during syndication, which has helped push senior leverage to new heights.