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Wall Street Hits Back at Private Credit With a Rare Type of Loan

  • Veracode’s rated deal combined tranches to form single loan
  • Lenders created a sparsely seen ‘public’ version of unitranche

For the past few years, the booming industry known as private credit has been encroaching on big buyout financings that were once the exclusive domain of Wall Street’s elite banks.

Now, the banks are fighting back, and putting their own spin on a popular loan that’s been the tool of choice for private credit funds.