Middle Market Debt Weekly: September Shifts From a Hold to a Coin-Flip Hike

Secured lending spent the week being rewarded for scarcity that no longer exists. On August 24, Valvoline amended its Second Amended and Restated Credit Agreement to increase availability under its revolving credit facility from $475 million to $600 million, reduce pricing, extend the maturity five years to August 2031, and — the term that matters most to a credit committee — raise the maximum consolidated net leverage ratio permitted under the financial covenant from 4.50 to 1.00 to 5.00 to 1.00, stepping back down to 4.75 and 4.50 in years three and four, with an additional half-turn of flexibility available following a material acquisition.^{1, 2} One day later DraftKings closed a $700 million senior secured term loan B that had launched at $600 million eleven days earlier and was upsized on demand, priced at Term SOFR plus 200 basis points at an issue price of 99.50, alongside a $750 million senior secured revolver replacing a $500 million facility that had been scheduled to mature in November 2029.^{3, 4} A twenty-six percent commitment increase paired with covenant loosening in one deal, and a sixteen-percent upsize inside eleven days in the other, are not signals of a constrained market.

The Federal Reserve noticed. Speaking at Jackson Hole on Friday, August 28, Chair Kevin Warsh observed that “credit spreads on corporate bonds and leveraged loans are near the low ends of their historical ranges, and issuance volumes in these markets have been quite strong this year,” added that banks report commercial and industrial lending standards “on the easier end of their historical range,” and concluded that “credit and loan markets are showing few signs of policy restraint.”⁵ With twelve-month PCE inflation at 3.7 percent and the six-month annualized rate at 4.1 percent, he told the audience “we have work to do.”^{5, 10} Futures repriced violently: odds of a quarter-point increase at the September 15–16 meeting rose to roughly 57 percent from about 35 percent the prior day, with the probability of a cut at zero.^{7, 8} The two-year Treasury closed the week at 4.34 percent, up ten basis points, while the ten-year finished at 4.73 percent, down one, flattening the two-to-ten spread from 50 basis points to 39.¹² For every borrower drawn on a floating-rate revolver, the base rate has stopped being a source of relief and become a source of risk.

Valvoline Adds $125 Million of Revolver and Buys Half a Turn of Covenant Headroom

The week’s most instructive secured transaction was disclosed in a Form 8-K filed August 24. Valvoline entered into Amendment No. 2 to its Second Amended and Restated Credit Agreement dated December 1, 2025 — itself amended as recently as June 30, 2026 — among Valvoline, certain subsidiaries as loan parties, the lenders party thereto, and The Bank of Nova Scotia as administrative agent.¹ The amendment increased availability under the revolving credit facility from $475 million to $600 million, a $125 million and 26.3 percent commitment increase; reduced pricing on the facility; and extended the maturity to a date five years after August 24, 2026.^{1, 2}

The covenant package moved further than the commitment. The maximum consolidated net leverage ratio required to be maintained under the financial covenant rose from 4.50 to 1.00 to 5.00 to 1.00, stepping down to 4.75 to 1.00 in the third year and 4.50 to 1.00 in the fourth, with an additional 0.50 turn of permitted increase following the consummation of a material acquisition.¹ All other material terms were left unchanged. In plain terms, the bank group granted a half-turn of immediate leverage headroom, a further half-turn of acquisition holiday, more commitment, lower pricing and a longer tenor in a single amendment — and received nothing disclosed in return.

The same day, Valvoline closed a $600 million offering of 6.125 percent senior unsecured notes due August 15, 2034, sold under Rule 144A and Regulation S with U.S. Bank Trust Company as trustee, guaranteed on an unsubordinated unsecured basis by the same subsidiaries that guarantee the senior secured credit facilities.¹ Proceeds were earmarked to repay the senior secured term loan A in full and partially repay the term loan B. The composite trade is worth mapping: funded secured term debt migrated to the unsecured bond market, while the secured revolver grew, cheapened and lengthened.

For asset-based and secured lenders, this is the shape of the current cycle at the top of the middle market. The revolver is being repositioned as the flexible liquidity instrument and the bond market is absorbing the funded risk, which leaves the bank group with more commitment, less funded exposure and materially less covenant protection than it held ninety days earlier. Any lender renewing a facility this autumn should assume the borrower’s counsel has read this amendment and will ask for the same package.

DraftKings Upsizes to $700 Million at SOFR Plus 200 and Grows Its Revolver Fifty Percent

The institutional loan bid delivered its own verdict. DraftKings launched syndication of a $600 million senior secured term loan B on August 15 and closed on August 25 at $700 million, an increase the company attributed directly to “strong demand.”^{3, 4} The loan matures in August 2033, carries an interest rate of Term SOFR plus 2.00 percent, was offered at 99.50 percent of par, and amortizes at 1.00 percent of aggregate principal per annum.³ Net proceeds are earmarked for repurchases of a portion of the outstanding Convertible Notes due 2028 issued by DraftKings Holdings, subject to availability and market conditions, and for general corporate purposes.

The revolver moved further than the term loan. The new $750 million senior secured revolving credit facility — inclusive of revolving loans, swing line borrowings and letters of credit — matures in August 2031 and replaced an existing $500 million facility scheduled to mature in November 2029.³ That is a 50 percent increase in committed revolving capacity and roughly twenty-one additional months of tenor, for a borrower whose collateral base is contract and regulatory in character rather than receivables and inventory.

The arithmetic is the point. With one-month Term SOFR fixing at 3.68336 percent on August 28, the all-in current coupon on the term loan B sits near 5.68 percent, and the fifty basis points of original issue discount amortized across a seven-year tenor adds roughly seven basis points of yield.¹³ A single-B-rated gaming credit clearing at a 5.75 percent all-in yield, after absorbing a $100 million upsize inside eleven days, is the cleanest available measure of how much institutional capital is chasing senior secured paper.

Middle market secured lenders should treat SOFR plus 200 as the ceiling pressing down on their own grids rather than as an irrelevant large-cap datapoint. When a broadly syndicated loan of this size clears at that spread with an OID inside a point, the negotiating anchor for every stretch and FILO conversation in the $50 million to $250 million range moves with it — and the differential a lender earns for doing field exams, appraisals and monthly borrowing base work compresses accordingly.

Warsh Names Easy Credit as the Reason Policy Is Not Restrictive

The supply-side story received an unusually direct official endorsement on August 28. In his Jackson Hole keynote, titled “In Our Time,” Chair Kevin Warsh moved through financial conditions and concluded that the credit channel is not transmitting restraint. “Credit spreads on corporate bonds and leveraged loans are near the low ends of their historical ranges, and issuance volumes in these markets have been quite strong this year,” he said, adding that “banks tell us that standards for commercial and industrial loans are on the easier end of their historical range” and that “credit and loan markets are showing few signs of policy restraint.”⁵ He summarized the position bluntly: “I would be hard pressed to describe broad financial conditions as restrictive.”⁵

The data behind the statement are consistent with what secured lenders are seeing in their own pipelines. Investment-grade primary issuance reached approximately $157 billion in August alone, including a $25 billion transaction from Alphabet, against year-to-date high-grade supply of roughly $1.2 trillion.⁸ High-yield option-adjusted spreads sat near 275 basis points in the third week of August, inside the richest decile of the historical distribution and well through a long-run median closer to 450.⁸ Warsh also noted that 54 percent of the 199 components of the PCE price index rose more than 3 percent over twelve months, against a pre-pandemic norm of 32 percent.⁵

For asset-based lenders this speech is a two-sided message and both sides are uncomfortable. The abundance of secured credit is precisely what allowed Valvoline to buy covenant headroom and DraftKings to upsize on demand — and the Chair of the Federal Reserve has now identified that abundance as evidence that the policy rate is too low. The implied path is a rising cost of funds arriving into a market where spread competition is already intense. A lender whose portfolio yield depends on holding spread while funding costs rise should be running that scenario this week, not after the September meeting.

BioXcel’s $112 Million First Lien Ends in a 13 Percent DIP After Two Liquidity Waivers

The week’s restructuring lesson is an amendment ladder, and every secured lender should walk down it. BioXcel Therapeutics and its debtor affiliates — a New Haven biopharmaceutical company whose sole approved product is IGALMI, a dexmedetomidine sublingual film cleared by the FDA in April 2022 — filed for Chapter 11 protection on August 27 in the U.S. Bankruptcy Court for the District of Delaware, case number 26-11360.¹⁵ The company reports $10 million to $50 million in assets against $100 million to $500 million in liabilities, and recorded a net loss of $27.4 million for the six months ended June 30, 2026.¹⁵

The sole funded-debt instrument was an April 19, 2022 senior secured first-lien term loan with Oaktree Fund Administration as administrative agent and lenders consisting of funds affiliated with Oaktree Capital Management and the Qatar Investment Authority, with approximately $112 million of principal outstanding at the petition date.¹⁵ The chronology of accommodation is the part to circulate internally. The Ninth Amendment, in March 2026, waived the covenant prohibiting a going-concern qualification in the fiscal 2025 audited financials and reduced minimum liquidity from $15 million to $12.5 million, in exchange for a $2.5 million principal prepayment and warrants.^{15, 18} The Tenth Amendment, in July 2026, deferred the principal and interest payment due June 30, 2026, cut minimum liquidity again to $7.5 million, and established a framework requiring a definitive strategic transaction by July 31, 2026.^{15, 19} Net revenue over the same span fell from $2.3 million in fiscal 2024 to $0.6 million in fiscal 2025.¹⁵

The exit economics follow the collateral. The prepetition lenders committed up to $19 million of new-money debtor-in-possession financing, with $9.5 million available on the interim order, bearing interest at a fixed 13 percent per annum, maturing five months from closing, and providing for a roll-up of a portion of the prepetition obligations on a pro rata basis as new money is funded.¹⁵ An affiliate of Teva Pharmaceutical Industries has executed a stalking horse asset purchase agreement providing $57.5 million in cash at closing plus up to $67.5 million in contingent milestone payments tied to the pending supplemental new drug application for at-home use of BXCL501, which carries a PDUFA date of November 14, 2026.^{15, 17} Samir Saleem of MERU was appointed chief restructuring officer on August 26 — one day before the filing.¹⁵

The transferable lesson concerns what a minimum-liquidity covenant is actually for. In a credit whose enterprise value sits in a regulatory milestone rather than in receivables and inventory, the liquidity floor is not a financial-maintenance test — it is the only functioning early-warning trigger the lender has. Reducing it from $15 million to $12.5 million to $7.5 million across two amendments in four months disabled the mechanism precisely as the collateral was deteriorating, and a $2.5 million prepayment plus warrants is thin compensation for surrendering it. Against $112 million of prepetition claims, a $57.5 million cash stalking horse implies substantial impairment even before the contingent milestones are handicapped.

September Becomes a Coin-Flip Hike as Three Presidents Press the Case

The federal funds target range held at 3.50 to 3.75 percent through the week, unchanged since the July 28–29 meeting at which the Committee voted 9–3 to hold, with Cleveland’s Beth Hammack, Minneapolis’s Neel Kashkari and Dallas’s Lorie Logan each dissenting in favor of a quarter-point increase.²⁵ The effective federal funds rate printed at 3.63 percent every day from August 21 through August 27, with the discount window primary credit rate at 3.75 percent and the bank prime rate at 6.75 percent.⁶ No FOMC meeting or minutes release fell inside the week; the next decision comes September 15–16.

Warsh’s framing was procedural as much as substantive. “Here is my standard,” he said. “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do.”⁵ He declined to offer guidance in the conventional sense — “you can call it an outline, you can call it a trail map, just don’t call it forward guidance” — and argued that “we should not indulge a regime in which market participants are looking primarily to the Fed for their next trade.”⁵ He closed by saying he stood “committed to a discipline, not to a decision.”⁵

The regional presidents were less circumspect on the symposium’s opening day. Hammack told CNBC “I don’t want to prejudge anything, but I believe now is the time to act,” citing workers in Erie, Pennsylvania who told her they “can’t make ends meet.”⁹ Kansas City’s Jeffrey Schmid asked, “I don’t know what we’re restricting currently with the rate policy that we’re at today.”⁹ Chicago’s Austan Goolsbee, more cautious, warned that “everybody should be on edge — if inflation starts going up again, it’s very hard to get rid of it,” while allowing that the three-month trend “doesn’t look terrible.”⁹ Futures moved accordingly, with hike probability reaching roughly 56 to 60 percent across data providers by Friday’s close against zero probability of a cut.^{7, 8}

The mechanical consequence for middle market credit is straightforward and immediate. A twenty-five basis point increase on September 16 would lift one-month Term SOFR from 3.68 percent toward 3.93 percent and the bank prime rate from 6.75 percent to 7.00 percent, raising the all-in cost on every drawn revolver in the book by a quarter point with no offsetting change in the borrowing base.^{6, 13} Fixed-charge coverage projections still carrying declining base-rate assumptions into 2027 are modeling the wrong tail, and any borrower whose covenant headroom depends on the front end falling should be identified before the meeting rather than after it.

PCE Holds at 3.7 Percent, Small Caps Take the Hawkish Repricing

The data week was front-loaded into Wednesday. The Bureau of Economic Analysis reported on August 26 that the PCE price index rose 0.2 percent in July and 3.7 percent over twelve months, with the core index excluding food and energy also up 0.2 percent on the month and 3.3 percent year over year, unchanged from June.¹⁰ The same release showed personal income up 0.4 percent, disposable personal income up 0.5 percent, nominal consumer spending up 0.2 percent, real consumer spending flat, and the personal saving rate at 3.0 percent.¹⁰ The second estimate of second-quarter GDP held at 1.5 percent annualized, with real gross domestic income at 2.2 percent and corporate profits rising $400.9 billion after a $74.4 billion increase in the first quarter.¹¹ Durable goods orders advanced 1.1 percent in July to $339.3 billion, with the ex-transportation figure up 0.4 percent.¹¹

The demand-side indicators pointed the other way. Conference Board consumer confidence slipped to 89.4 in August from 90.2, its weakest reading since January, with the expectations component falling 5.8 points to 68.2 — below the 80 threshold historically associated with recession — even as the present-situation index rose 6.8 points to 121.2. New home sales collapsed 10.5 percent month over month to a 607,000 annualized pace, a six-month low, with the median price down 2.3 percent to $393,800 and months’ supply at 9.6. Initial jobless claims for the week ended August 22 fell 4,000 to 203,000, with continuing claims at 1,778,000. Final August University of Michigan sentiment came in at 51.7, with one-year inflation expectations at 4.3 percent and the five-to-ten-year measure at 3.3 percent.⁸

Equity markets finished higher on the week but gave ground on Friday. The S&P 500 closed at 7,711.76, down 0.25 percent on the day and up 0.49 percent on the week; the Dow Jones Industrial Average finished at 53,559.99, up 0.53 percent for its first winning week in three; and the Nasdaq Composite ended at 26,402.42, up 0.85 percent. The VIX closed at 14.43.⁸ The Russell 2000 told the more relevant story, falling 1.39 percent on Friday to 2,972.37 — more than five times the S&P’s decline.⁸

That divergence is the datapoint asset-based lenders should carry into Monday. Small-capitalization equities are the closest listed proxy for the middle market borrower base, and they absorbed the hawkish repricing disproportionately because floating-rate debt service and domestic demand exposure are concentrated there. Meanwhile the three-month Term SOFR fixing of 3.75730 percent against one-month at 3.68336 percent — a spread of roughly seven basis points — indicates the front end had not fully discounted a September increase as of Friday’s fixing.^{13, 14} If it does, the repricing lands on the drawn revolver before it lands anywhere else.

Gray Media Retires $675 Million of 10.5 Percent First Lien Paper at 7.5 Percent

The week’s liability management event settled on August 27, when Gray Media consummated the redemption of $675 million of outstanding principal of its 10.500 percent senior secured first lien notes due 2029, funded from the net proceeds of a $750 million issue of 7.500 percent senior secured first lien notes due September 15, 2034 that had closed at par on August 21.²⁴ The proceeds also repaid $21 million of outstanding borrowings under Gray’s revolving credit facility and covered the call premium, accrued interest and fees. Following the redemption the company expects approximately $350 million of the 2029 notes to remain outstanding.²⁴

The new notes are guaranteed jointly and severally on a senior secured first lien basis by each existing and future restricted subsidiary that guarantees Gray’s existing senior credit facility, accrue interest from August 21, 2026, and pay semiannually beginning March 15, 2027.²⁴ On the redeemed principal, the 300 basis point coupon reduction removes roughly $20.3 million of annual cash interest — a meaningful figure against a company carrying a market capitalization near $497 million.²⁴

Set the trade beside Valvoline’s. Gray refinanced first-lien secured paper with cheaper first-lien secured paper; Valvoline migrated secured term debt into the unsecured bond market while enlarging its secured revolver. Different structures, one shared input: investor willingness to accept historically compressed compensation for credit risk. That is the same condition Warsh identified from the podium the following day as evidence that policy is insufficiently restrictive.⁵ Borrowers in the middle market with 2028 and 2029 secured maturities should treat the current window as finite, and lenders should expect a compressed autumn calendar of refinancing requests as sponsors reach the same conclusion.

Four More Middle-Market Filings, and Four Very Different Collateral Profiles

Beyond BioXcel, four smaller Chapter 11 petitions landed inside the week, and the collateral in each is worth a moment. Signorello Estate and its debtor affiliates — a Napa Valley family-owned winery producing limited-production Cabernet Sauvignon and Chardonnay — filed on August 27 in the Northern District of California, case number 26-10655, reporting $10 million to $50 million in both assets and liabilities.²⁰ The petition states that no funds will be available for distribution to unsecured creditors after administrative expenses are paid, which is the clearest possible signal that secured claims meet or exceed the estate.²⁰

Federacion de Asociaciones Pecuarias de Puerto Rico, a Mayaguez-based manufacturer of farm animal feed, filed on August 26 in the District of Puerto Rico, case number 26-03972, also reporting $10 million to $50 million in both assets and liabilities.²³ Aircraft Transport Services, a Melbourne, Florida charter and aircraft management company, filed on August 27 in the Middle District of Florida.²² Littleton Cinemas, doing business as O’Neil Cinemas, and a debtor affiliate filed on August 28 in the District of Massachusetts.²¹

Barrel and bottled-goods inventory, bulk feed, aircraft and theater fixtures are four collateral categories with almost nothing in common except that each is routinely advanced against. The Signorello disclosure is the instructive one for working-capital lenders: aging wine inventory carries an appraised value that assumes an orderly multi-year sales cycle, and a liquidation recovery on a Napa estate is driven overwhelmingly by the real property rather than by the working-capital assets sitting on the borrowing base certificate. Where a facility’s advance rate rests on slow-turning finished goods, the net orderly liquidation value assumption deserves re-examination before the appraisal anniversary, not on it.

Items to Discuss in Your Monday Meetings

• Reprice Every Floating-Rate Projection for a Hike, Not a Cut. September now prices at roughly a 57 percent probability of a quarter-point increase with a zero probability of a cut, and the effective funds rate has sat at 3.63 percent since late August.^{6, 7} Pull every fixed-charge coverage projection in the book that assumes declining Term SOFR into 2027 and rerun it at 3.93 percent one-month and a 7.00 percent prime. Identify borrowers whose covenant headroom disappears on that path before the September 15–16 meeting, not after it.
• Interrogate Every Minimum-Liquidity Waiver in the Portfolio. BioXcel’s liquidity floor fell from $15 million to $12.5 million in March and to $7.5 million in July, disabling the one early-warning trigger the lender had while net revenue collapsed from $2.3 million to $0.6 million.^{15, 18, 19} Inventory every credit where a minimum-liquidity or minimum-availability test has been reduced in the last twelve months, and treat each reduction as a re-underwriting event rather than an amendment fee opportunity.
• Assume Your Renewal Counterparty Has Read the Valvoline Amendment. Valvoline obtained a $125 million commitment increase, reduced pricing, a five-year extension and a half-turn of leverage covenant relief — plus a further half-turn acquisition holiday — in a single August 24 amendment.¹ Decide in advance which of those four concessions your institution will trade and which it will not, because the package is now a documented market precedent that borrowers’ counsel will cite by name.
• Benchmark Your Grid Against SOFR Plus 200 Institutional Paper. DraftKings cleared a $700 million term loan B at Term SOFR plus 200 with a 99.50 issue price after a $100 million upsize inside eleven days.^{3, 4} Map your current stretch and FILO pricing against that reference and quantify, explicitly, the spread you are earning for field exams, appraisals and monthly borrowing base administration. If that differential has compressed below your cost of servicing the credit, the answer is structure and advance-rate discipline, not spread.
• Re-Examine Net Orderly Liquidation Assumptions on Slow-Turning Inventory. Signorello Estate’s petition states that no funds will be available to unsecured creditors, on a collateral base of aging limited-production wine inventory and Napa real property.²⁰ For any borrower whose advance rate rests on finished goods with a multi-year sales cycle — wine, spirits, specialty feed, seasonal durables — pull the appraisal forward rather than waiting for the anniversary, and stress the recovery assumption against a forced sale rather than an orderly one.

Conclusion

The secured lending story of the week was capacity, and the Federal Reserve treated it as a problem. Valvoline expanded a revolver by twenty-six percent while extracting half a turn of leverage covenant relief and shifting funded term debt into the unsecured bond market; DraftKings upsized a term loan by $100 million in eleven days at Term SOFR plus 200 and grew its revolver by fifty percent; Gray Media retired $675 million of 10.5 percent first-lien paper with 7.5 percent first-lien paper, stripping roughly $20 million of annual cash interest out of its structure.^{1, 3, 24} Each transaction was made possible by the same underlying condition — historically compressed compensation for credit risk — and on Friday Chair Warsh identified that condition from the Jackson Hole podium as the reason he cannot describe financial conditions as restrictive, moving September from a probable hold to a coin-flip hike.^{5, 7} The counterweight is visible in the collateral: BioXcel’s $112 million first lien exited through a 13 percent debtor-in-possession facility and a $57.5 million stalking horse after two amendments dismantled its liquidity covenant, and four more middle-market estates filed inside five days with collateral ranging from Napa wine inventory to bulk animal feed.^{15, 20, 23} The market is simultaneously offering its most generous terms in years and producing its most instructive collateral failures. Lenders heading into September should assume that the pricing environment persists a while longer, that the funding environment does not, and that the facilities documented in this window will be administered through a materially less forgiving one.

Footnotes

1. Valvoline Inc., Form 8-K reporting Amendment No. 2 to the Second Amended and Restated Credit Agreement and closing of $600 million 6.125% senior notes due 2034 (event date August 24, 2026), U.S. Securities and Exchange Commission, https://www.sec.gov/Archives/edgar/data/0001674910/000162828026058633/vvv-20260824.htm
2. Amendment No. 2, dated as of August 24, 2026, to the Second Amended and Restated Credit Agreement (Exhibit 10.1), U.S. Securities and Exchange Commission, https://www.sec.gov/Archives/edgar/data/0001674910/000162828026058633/exhibit101-vvvcreditagreem.htm

3/4. DraftKings Announces Launch of $600 Million Term Loan B Facility and Upsized $750 Million Revolving Credit Facility, Business Wire, https://www.businesswire.com/news/home/20260815832905/en/DraftKings-Announces-Launch-of-%24600-Million-Term-Loan-B-Facility-and-Upsized-%24750-Million-Revolving-Credit-Facility

5. “In Our Time,” speech by Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium, August 28, 2026, Board of Governors of the Federal Reserve System, https://www.federalreserve.gov/newsevents/speech/warsh20260828a.htm
6. Selected Interest Rates (Daily) — H.15, effective federal funds rate, discount window primary credit and bank prime rate, Board of Governors of the Federal Reserve System, https://www.federalreserve.gov/releases/h15/
7. September Fed decision now a coin flip as rate hike odds increase, CNBC, https://www.cnbc.com/2026/08/28/-september-fed-decision-now-a-coin-flip-as-rate-hike-odds-increase.html
8. Stock market today: Dow, S&P 500, Nasdaq dip after Fed Chair Warsh’s Jackson Hole speech, Friday, August 28, 2026, Yahoo Finance, https://finance.yahoo.com/markets/live/stock-market-today-friday-august-28-dow-sp-500-nasdaq-dip-fed-warsh-jackson-hole-speech-081514091.html
9. Fed officials warn on inflation at Jackson Hole — remarks from Hammack, Schmid and Goolsbee, August 27, 2026, Yahoo Finance, https://finance.yahoo.com/economy/policy/articles/fed-officials-warn-inflation-jackson-171823680.html
10. Personal Income and Outlays, July 2026 (released August 26, 2026), U.S. Bureau of Economic Analysis, https://www.bea.gov/news/2026/personal-income-and-outlays-july-2026
11. Gross Domestic Product, Second Quarter 2026 (Second Estimate) and Corporate Profits (released August 26, 2026), U.S. Bureau of Economic Analysis, https://www.bea.gov/news/2026/gdp-second-estimate-and-corporate-profits-2nd-quarter-2026
12. Daily Treasury Par Yield Curve Rates, August 2026, U.S. Department of the Treasury, https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=202608
13. CME Term SOFR, 1-month, daily fixings through August 28, 2026, Global-Rates.com, https://www.global-rates.com/en/interest-rates/cme-term-sofr/1/term-sofr-interest-1-month/
14. CME Term SOFR, 3-month, daily fixings through August 28, 2026, Global-Rates.com, https://www.global-rates.com/en/interest-rates/cme-term-sofr/2/term-sofr-interest-3-months/
15. Filing Alert: BioXcel Therapeutics Chapter 11 — prepetition credit agreement, amendment history, DIP terms and stalking horse, Bondoro, https://bondoro.com/bioxcel-therapeutics-filing-alert/
16. BioXcel Therapeutics, Inc., Form 8-K (August 2026), U.S. Securities and Exchange Commission, https://www.sec.gov/Archives/edgar/data/0001720893/000110465926102570/tm2624233d1_8k.htm
17. BioXcel Therapeutics Enters Into Asset Sale Agreement with Teva Pharmaceuticals, BioXcel Therapeutics, Inc., https://ir.bioxceltherapeutics.com/news-releases/news-release-details/bioxcel-therapeutics-enters-asset-sale-agreement-teva
18. BioXcel Therapeutics Amends Credit Agreement, Eases Liquidity Terms, TipRanks, https://www.tipranks.com/news/company-announcements/bioxcel-therapeutics-amends-credit-agreement-eases-liquidity-terms
19. BioXcel Therapeutics Amends Credit Agreement, Extends Financing Deadline, TipRanks, https://www.tipranks.com/news/company-announcements/bioxcel-therapeutics-amends-credit-agreement-extends-financing-deadline
20. Filing Alert: Signorello Estate Chapter 11 (N.D. Cal., case 26-10655, filed August 27, 2026), Bondoro, https://bondoro.com/signorello-estate-filing-alert/
21. Filing Alert: O’Neil Cinemas Chapter 11 (D. Mass., filed August 28, 2026), Bondoro, https://bondoro.com/oneil-cinemas-filing-alert/
22. Filing Alert: Aircraft Transport Services Chapter 11 (M.D. Fla., filed August 27, 2026), Bondoro, https://bondoro.com/transport-services-filing-alert-aircraft/
23. Filing Alert: Federacion De Asociaciones Pecuarias De Puerto Rico Chapter 11 (D.P.R., case 26-03972, filed August 26, 2026), Bondoro, https://bondoro.com/federacion-de-asociaciones-pecuarias-de-puerto-rico-filing-alert/
24. Gray Announces Closing of Offering of $750 Million of 7.500% Senior Secured First Lien Notes due 2034, with redemption of $675 million of 10.500% 2029 notes expected August 27, 2026, GlobeNewswire via StockTitan, https://www.stocktitan.net/news/GTN/gray-announces-closing-of-offering-of-750-million-of-7-500-senior-97so9yapmq09.html
25. Minutes of the Federal Open Market Committee, July 28–29, 2026 (9–3 hold, three dissents in favor of a quarter-point increase), Board of Governors of the Federal Reserve System, https://www.federalreserve.gov/newsevents/pressreleases/monetary20260819a.htm
26. Chapter 11 Filing Alerts, week of August 24–29, 2026, Bondoro, https://bondoro.com/tag/chapter-11-filing-alerts/