The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in July, following $83.3b in June. This marks a significant improvement from earlier in the year, when in April, issuance totaled just $28.4b but falls well short of the July 2025 figure of $199.4b.
The largest deal to price this month was Proofpoint’s $4.3b Term Loan B amend-and-extend, which extends the facility’s maturity by two years to 2030. QTS also recently priced a $3.25b Term Loan B to refinance existing debt.
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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is how they bring history and experience to working those problems out.