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Leveraged loan issuers use amend-and-extend to delay maturities
Amend-and-extend volume totaled $27 billion in June, and this year’s $106 billion pace is ahead of last year’s roughly $84 billion over the first half of 2025.
Leveraged loan issuers are increasingly turning to amend-and-extend deals to push back loan maturities, with June activity totaling $27 billion, up from $26 billion in May, according to LCD data cited by Yahoo Finance.
The article says June amend-and-extend activity came from 24 transactions versus 21 in May, bringing 2026’s year-to-date amend-and-extend volume to $106 billion, well ahead of the roughly $84 billion pace over the first half of 2025.
A key driver remains economics versus full refinancing. Yahoo Finance reports that the average yield to maturity for refinancing institutional term loans via syndication was 6.7% in 2026, down from 7.4% in 2025 and 8.6% in 2024, but still higher than levels seen from 2011 to 2022, making extension a cheaper option than repricing existing debt.
The story also notes the credit profile of borrowers getting breathing room has improved. It says 30% of amendments in 2026 were rated BB-minus or higher at the issuer level, and the share of B-minus credits eased to 27% from 44% in 2025, while B/B+ credits accounted for 39% of activity.