Veritas Capital

Multibillion-dollar buyout financings that once required banks to act as intermediaries between a borrower and investors can now be provided by a small group of private lenders.

It’s a win for Wall Street banks that competed with private credit funds to provide one of the biggest debt packages in months.

Investment banks have an opening now because private credit unitranche loans typically allow companies to refinance around 12-18 months after a deal is first priced without a steep charge.