Asset-based lending supplied the week’s marquee transaction: Belk closed $1.275 billion of new senior secured facilities—a $900 million asset-based revolver and a $375 million first-in, last-out (FILO) term loan—with Wells Fargo as administrative and collateral agent and Pathlight Capital as term loan managing agent, replacing the retailer’s existing ABL, FILO and securitization...
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In an era defined by rapid recalibration, this issue dives deep into the 2026 middle market, examining how asset-based lending has evolved into a foundational liquidity engine as private credit navigates a $1.2 trillion maturity wall and shifting deal structures. At the heart of this edition, we celebrate our 2026 Legends & Leaders honorees — the Icons whose storied careers have defined the industry, the disciplined Sentinels and the deal-making Rainmakers, as well as the visionary Innovators and NextGen stars engineering what comes next. Through expert features on market pressures and exclusive roundtable discussions on the intersection of technology and relationship-based lending, we highlight the conviction and resilience of the professionals shaping the next chapter of global capital.
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