Leveraged loan issuers increase amend-and-extend deals to take out credit facilities
Key takeaways
- May’s amend-and-extend activity came via 19 transactions, up from 18 transactions (for $13.6 billion) in April.
- Borrowers continued to seek amendments, as opposed to refinancings, to take out credit facilities.
- Year-to-date, the distribution between institutional A-and-E issuance ($36.2 billion) and pro rata issuance ($42.7 billion) has been fairly balanced.
Leveraged loan issuers increase amend-and-extend deals to take out credit facilities Richard Kellerhals Wed, June 17, 2026 at 10:40 PM GMT+7 3 min read Amend-and-extend loan volume jumped to $25.4 billion in May, a high for any month since June 2024, according to LCD.
May’s amend-and-extend activity came via 19 transactions, up from 18 transactions (for $13.6 billion) in April. Nearly $79 billion of volume this year is up from roughly $68 billion through the first five months of 2025.
Borrowers continued to seek amendments, as opposed to refinancings, to take out credit facilities. The average yield to maturity for refinancing institutional term loans via syndication currently stands at 6.7% for 2026, which is lower than 7.4% in 2025 and the 8.6% in 2024, but still elevated from all the years spanning 2011-2022.