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Leveraged Loans Become Pricey, Robbing Buyout Boom of Momentum

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https://www.wsj.com/articles/leveraged-loans-become-pricey-robbing-buyout-boom-of-momentum-11654767000

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 * Finance


LEVERAGED LOANS BECOME PRICEY, ROBBING BUYOUT BOOM OF MOMENTUM


VOLUME OF FINANCING SLIPS AS FEDERAL RESERVE RAISES INTEREST RATES TO CURB
INFLATION AND STOCKS TRADE WELL BELOW RECENT HIGHS

By Laura Cooper

Updated June 9, 2022 12:12 pm ET
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Recent stock market performance has gotten people talking about a possible U.S.
recession. So what are the leading economic indicators that have been solid
recession trackers, and what can you do to prepare for a recession? WSJ’s Dion
Rabouin explains. Illustration: David Fang

The debt-fueled buyout boom is running out of steam, as attractive financing for
LBOs gets harder to come by.

After enjoying low-cost debt for years, private-equity firms are finding it more
expensive to secure funding in the leveraged-loan market, the source of most of
the capital they use to fund takeovers. The average yield to maturity on loans
backing new leveraged buyouts has increased from roughly 5% last year to 5.7% so
far this year, according to Leveraged Commentary & Data. Plans by the Federal
Reserve to continue raising interest rates threaten to make the debt more
expensive still.


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