Banks are quietly rewriting the rules of syndicated lending—and the shift is far more dramatic than most borrowers realize. In a market dominated by private credit’s flexibility, major banks are now adding private-credit-style features like PIK toggles and delayed draws to multibillion-dollar deals just to keep up. The result: a fast-moving structural arms race that could reshape risk, pricing, and where middle-market companies turn for capital. Here’s what this means for lenders, borrowers and the future of syndicated finance.
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