June amend-and-extend volume rose to $27 billion, pushing year-to-date activity to $106 billion, outpacing last year’s record pace.
Leveraged loan issuers extended $27 billion of debt in June through amend-and-extend transactions, up from $26 billion in May. The increase was driven by 24 deals, three more than the prior month, as borrowers sought to delay maturities amid elevated refinancing costs.
Year-to-date amend-and-extend volume reached $106 billion, surpassing the $84 billion recorded in the first half of 2025. Last year marked the second-highest annual total for such activity, trailing only 2024. Refinancing costs remain above pre-2023 levels, with average yields on institutional term loans at 6.7% for 2026, down from 7.4% in 2025 but still elevated compared to historical norms.
Institutional amend-and-extend volume totaled $39 billion in Q2, the strongest quarterly performance in recent history. Pro rata activity stood at $52 billion for the year, nearly matching the $54 billion in institutional deals, reflecting balanced demand across loan types.