M&A transactions increasingly funded with add-on debt
Source: Dealogic, Debtwire Par
Issuers have been tapping the institutional loan market for add-on debt at a rapid pace, blowing past the previous five years in add-on volume with the month of December still to come. Record levels of add-on loan issuacne in September (USD 13.5bn) followed by another strong month in November (USD 8.9bn) have pushed the 4Q21 figure to-date to USD 22.3bn – the highest level seen since at least 2017.