US Leveraged Loans Pushback Debut Tracker: Lenders Secure Changes in Nearly 6 of 10 Deals Tracked in H1’26; Value Leakage, Priming Debt Risk and LME Protections Top the Agenda

  Key Takeaways   Investors secured concessions in nearly six of 10 new-money deals: Of the U.S. leveraged loans tracked in the first half of 2026, 59% saw changes to material covenant terms during syndication. Pushback frequency rose to 63% of deals tracked in second-quarter 2026 from 54% in first-quarter 2026, and reached 83% for leveraged buyouts.   Value leakage and leverage risk are the key battlegrounds: Each category featured concessions in 34% of first-half 2026 deals. Tightening of ratio debt baskets and incremental facility leverage tests was the single most frequent concession, appearing in 25% of all deals tracked, while leverage-based tests for restricted payments and investments were reduced or tightened in 21%.   Pushback on liability management exercise protections occurred in roughly one in three deals: Taken together, 33% of first-half 2026 deals saw at least one LME protection introduced or enhanced. Individually, J.Crew blockers were introduced or tightened in 20% of first-half 2026 deals, with Serta and Chewy protections each added or enhanced in 18%.   Pricing wins rarer while most-favored nation, or MFN, protection stays in focus: Margin ratchet step-downs were reduced or deleted in 24% of first-half 2026 deals, down to 20% in second-quarter 2026[...]