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ARTICLE · 27 JANUARY 2026

Debt Download - January 2026

Goodwin Procter LLP
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Welcome to Debt Download, Goodwin's monthly newsletter covering what you need to know in the leveraged finance market. Wishing all of our readers a healthy and prosperous Year of the Horse!

United StatesFinance and Banking
Dylan S. Brown
Dylan S. Brown
Reid Bagwell
Reid Bagwell

Welcome to Debt Download, Goodwin's monthly newsletter covering what you need to know in the leveraged finance market. Wishing all of our readers a healthy and prosperous Year of the Horse!

Note: Some of the links in this newsletter may redirect you to a subscription-only resource.

In the News

  • The broadly syndicated loan (BSL) market recaptured market share over the private credit market in 2025, with gross issuance in the BSL market of $979.8 billion ($494.9 billion of which were repricings) compared to $140 billion in the private credit market. At the same time, private credit lenders refinanced $36.9 billion of BSLs, according to PitchBook, the highest level in at least four years. The flex score by mid-December was the most Borrower-favorable since June, at 11:1, and the average all-in single B clearing spread was steady at S+321. According to CreditSights, the average pro forma adjusted debt multiple for M&A deals backed by BSLs was at 4.6x for the

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