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Lending, deal by deal

Loans of £300m, $300m or €300m and more arranged by these banks in the last two years, as the borrower's own filing states them: the size, the margin over the benchmark, the fee and the tenor. A lender publishes nothing about its terms. A listed borrower has to, so this is where the price of a loan is written down.

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Most recent find$325m¹⁵⁰DPC Holdings PLC, revolving credit facilityfacility size · 2026-09-03, read 2 Nov 2026

Cheapest money+0.5 pts¹⁵¹Salesforce, term loanmargin over the benchmark · 2026-03-11, read 2 Nov 2026

Dearest money+2.35 pts¹⁵²DPC Holdings PLC, revolving credit facilitymargin over the benchmark · 2026-09-03, read 2 Nov 2026

Date	Borrower, facility	Size	Margin	Fee	Tenor	Agent or arranger
2026-09-03	DPC Holdings PLC, revolving credit facility	$325m¹⁵⁰	SOFR + 1.25 to 2.35 pts¹⁵³¹⁵²	0.25% to 0.375% facility¹⁵⁴¹⁵⁵	Not stated	Barclays
2026-08-14	Carvana Co., term loan	$1,660m¹⁵⁶	Term SOFR + 2.25 pts¹⁵⁷	Not stated	Not stated	Barclays
2026-07-30	Kohlberg Kravis Roberts & Co. L.P. and KKR Group Partnership L.P., revolving credit facility	$3,000m¹⁵⁸	Term SOFR + 0.575 to 1.125 pts¹⁵⁹¹⁶⁰	0.05% to 0.125% facility¹⁶¹¹⁶²	5 years¹⁶³	HSBC
2026-07-15	Martin Marietta Materials, term loan	$1,500m¹⁶⁴	Term SOFR + 0.875 to 1.375 pts¹⁶⁵¹⁶⁶	0.07% to 0.175% ticking¹⁶⁷¹⁶⁸	3 years¹⁶⁹	JPMorgan Chase
2026-07-02	Supermarket Income REIT plc, refinancing facilities	£445m¹⁷⁰	SONIA + 1.18 pts¹⁷¹	Not stated	Not stated	Barclays
2026-06-30	Fox Corporation, term loan	$1,000m¹⁷²	Term SOFR + 0.875 to 1.375 pts¹⁷³¹⁷⁴	0.07% to 0.175% commitment¹⁷⁵¹⁷⁶	2 years¹⁷⁷	Morgan Stanley
2026-04-16	Sysco, term loan	$1,250m¹⁷⁸	Term SOFR + 0.75 to 1.375 pts¹⁷⁹¹⁸⁰	Not stated	2 years¹⁸¹	Bank of America
2026-04-07	Paramount Skydance, term loan	$2,500m¹⁸²	Not stated	Not stated	3 years¹⁸³	Citigroup
2026-04-07	Paramount Skydance, revolving credit facility	$5,000m¹⁸⁴	Not stated	0.175% commitment¹⁸⁵	5 years¹⁸⁶	Citigroup
2026-03-27	Enterprise Products Operating, revolving credit facility	$1,500m¹⁸⁷	SOFR + 0.71 to 1.125 pts¹⁸⁸¹⁸⁹	0.04% to 0.125% facility¹⁹⁰¹⁹¹	Not stated	Citigroup
2026-03-11	Salesforce, term loan	$6,000m¹⁹²	Term SOFR + 0.5 to 1.125 pts¹⁵¹¹⁹³	Not stated	5 years¹⁹⁴	JPMorgan Chase
2026-02-18	Pinnacle West Capital Corporation, revolving credit facility	$300m¹⁹⁵	Term SOFR + 1 to 1.75 pts¹⁹⁶¹⁹⁷	0.1% to 0.275% commitment¹⁹⁸¹⁹⁹	5 years²⁰⁰	Barclays
2026-01-15	FedEx Freight Holding Company, revolving credit facility	$1,200m²⁰¹	Term SOFR + 1 to 1.75 pts²⁰²²⁰³	0.09% to 0.25% commitment²⁰⁴²⁰⁵	5 years²⁰⁶	JPMorgan Chase
2026-01-14	Block, revolving credit facility	$900m²⁰⁷	Term SOFR + 1.25 to 1.75 pts²⁰⁸²⁰⁹	0.1% to 0.2% commitment²¹⁰²¹¹	5 years²¹²	Goldman Sachs
2026-01-12	Cencora, term loan	$1,500m²¹³	Term SOFR + 0.75 to 1.25 pts²¹⁴²¹⁵	0.055% to 0.15% ticking²¹⁶²¹⁷	2 years²¹⁸	JPMorgan Chase
2025-10-27	Skyworks Solutions, bridge facility	$3,050m²¹⁹	Term SOFR + 1.125 to 2 pts²²⁰²²¹	Not stated	Not stated	Goldman Sachs
2025-10-22	Astronics Corporation, revolving credit facility	$300m²²²	Term SOFR + 1.25 to 2.125 pts²²³²²⁴	0.2% to 0.35% commitment²²⁵²²⁶	Not stated	HSBC
2025-09-16	Lowe's Companies, term loan	$2,000m²²⁷	Term SOFR + 0.75 to 1.25 pts²²⁸²²⁹	0.06% to 0.15% commitment²³⁰²³¹	3 years²³²	Bank of America
2025-08-15	Baker Hughes, term loan	$2,600m²³³	Term SOFR + 0.625 to 1.125 pts²³⁴²³⁵	0.05% to 0.125% commitment²³⁶²³⁷	2 years²³⁸	Goldman Sachs
2025-08-15	Verisk Analytics, term loan	$750m²³⁹	Term SOFR + 1 to 1.625 pts²⁴⁰²⁴¹	0.08% to 0.175% ticking²⁴²²⁴³	3 years²⁴⁴	Bank of America
2025-08-04	Coca-Cola HBC AG, revolving credit facility	€1,200m²⁴⁵	Not stated	Not stated	5 years²⁴⁶	BNP Paribas
2025-07-25	Derwent London plc, revolving credit facility	£450m²⁴⁷	Not stated	Not stated	4 years²⁴⁸	Barclays
2025-06-27	Figma, Inc., revolving credit facility	$500m²⁴⁹	Term SOFR + 1 pts²⁵⁰	0.1% to 0.15% commitment²⁵¹²⁵²	Not stated	Morgan Stanley
2025-06-23	Stanley Black & Decker, revolving credit facility	$1,250m²⁵³	Term SOFR + 0.975 to 1.475 pts²⁵⁴²⁵⁵	0.04% to 0.15% commitment²⁵⁶²⁵⁷	Not stated	Citigroup
2025-06-23	Tritax Big Box REIT plc, revolving credit facility	£400m²⁵⁸	benchmark + 1.1 pts²⁵⁹	Not stated	5 years²⁶⁰	Barclays
2025-06-16	Carnival Corporation & plc, revolving credit facility	$4,500m²⁶¹	Not stated	Not stated	Not stated	JPMorgan Chase
2025-06-05	Wise plc, revolving credit facility	£330m²⁶²	Not stated	Not stated	Not stated	JPMorgan Chase
2025-06-02	Cummins, revolving credit facility	$2,000m²⁶³	Term SOFR + 0.5 to 1 pts²⁶⁴²⁶⁵	0.045% to 0.1% commitment²⁶⁶²⁶⁷	3 years²⁶⁸	JPMorgan Chase
2025-05-16	Primary Health Properties PLC, facilities agreement for the Assura offer	£1,225m²⁶⁹	Not stated	Not stated	30 months²⁷⁰	Citigroup
2025-04-25	Motorola Solutions, revolving credit facility	$2,250m²⁷¹	Term SOFR + 0.875 to 1.5 pts²⁷²²⁷³	0.09% to 0.25% commitment²⁷⁴²⁷⁵	5 years²⁷⁶	JPMorgan Chase
2025-04-25	PVH Corp., term loan	$450m²⁷⁷	SOFR + 1 to 1.625 pts²⁷⁸²⁷⁹	0.1% to 0.275% commitment²⁸⁰²⁸¹	Not stated	Barclays
2025-04-03	Dover, revolving credit facility	$500m²⁸²	Term SOFR + 0.7 to 1.125 pts²⁸³²⁸⁴	0.05% to 0.125% facility²⁸⁵²⁸⁶	Not stated	JPMorgan Chase
2025-02-24	Applied Materials, revolving credit facility	$2,000m²⁸⁷	Term SOFR + 0.5 to 1 pts²⁸⁸²⁸⁹	0.04% to 0.1% commitment²⁹⁰²⁹¹	5 years²⁹²	Bank of America
2025-02-21	Equitable Holdings, Inc., term loan	$500m²⁹³	Term SOFR + 0.875 to 1.75 pts²⁹⁴²⁹⁵	0.075% to 0.2% commitment²⁹⁶²⁹⁷	Not stated	Barclays
2025-02-17	Origin Enterprises plc, revolving credit facility	€440m²⁹⁸	Not stated	Not stated	5 years²⁹⁹	HSBC
2025-02-05	The Renewables Infrastructure Group Limited, revolving credit facility	£500m³⁰⁰	benchmark + 1.75 pts³⁰¹	Not stated	3 years³⁰²	Barclays
2025-01-17	Trinseo Holding S.à r.l. (Trinseo), revolving credit facility	$300m³⁰³	Term SOFR + 2.25 pts³⁰⁴	0.375% commitment³⁰⁵	Not stated	Deutsche Bank
2024-12-11	Kellanova, revolving credit facility	$750m³⁰⁶	Term SOFR + 0.815 to 1.35 pts³⁰⁷³⁰⁸	0.06% to 0.15% facility³⁰⁹³¹⁰	Not stated	Bank of America
2024-10-31	Dynasty Acquisition Co., Inc. (StandardAero), revolving credit facility	$750m³¹¹	Term SOFR + 1.5 to 2 pts³¹²³¹³	0.25% to 0.5% commitment³¹⁴³¹⁵	Not stated	UBS
2024-10-31	Dynasty Acquisition Co., Inc. (StandardAero), term loan	$1,630m³¹⁶	Term SOFR + 2 to 2.25 pts³¹⁷³¹⁸	Not stated	Not stated	UBS

40 facilities from credit agreements filed with the SEC and from regulatory news announcements in London, read 1 and 2 November 2026, a sample of the window and not a census: the full-text search at EDGAR refused the reader, so the American set came from the quarterly form indexes. Where a filing states the size and the banks but no margin or fee, the cell says Not stated. The margin is the grid as filed, lowest tier to highest, in percentage points over the named benchmark. The table as a file: lending.csv.

Figures as filed. A borrower who files is a borrower who had to.

The Panel Six firms I deal with. Terms as discussed with me.

Firm	Indicative fee	Retainer	Minimum
Harrowgate Lennox A lobby people photograph, and a pitch team of eleven who rarely see it.	IPO 3.84% to 4.69%^P1	£53,250 a month, credited^P1	£1.35bn deal size^P1
Thornleigh Aubert A long tradition of never quite saying no.	Discretionary 0.64% to 0.37% by tier^P2	None stated. The relationship is the retainer.^P2	CHF 9m^P2
Lockridge Hartwell American to the core and billing in quarter hours, including the quarter hour spent reading this.	IPO 6.77% to 7.22%^P3	$92,750 a month, not credited^P3	$1.85bn deal size^P3
Dunmore & Rook Proudly independent, right up to the fee letter.	M&A 1.81% success fee^P4	£34,250 a month, credited against the success fee^P4	£150m deal size^P4
Marchbank Private A royal warrant, a brass plate and a door with the minimum on it.	Discretionary 0.56% to 0.26% by tier^P5	Account fee £110 a month^P5	£9m^P5
Linnet The challenger, with a chatbot called Ned who is always available and occasionally right.	0.29% platform fee, funds extra^P6	None. Ned does not charge for his time.^P6	£400,000^P6