Private credit glossary · Live data July 2026
What is senior debt?
Senior debt is the highest-priority loan in a company's capital structure — first in line to be repaid if anything goes wrong — which makes it the cheapest form of private credit a borrower can raise.
943
active Senior funds in the Agentas database
$10M–$100M
median stated check-size band
How it works
- Secured by company assets or cash flow; first claim in a default waterfall.
- Typically priced as a floating rate over SOFR with the lowest spread in the private credit stack.
- Lenders size it off EBITDA multiples or asset coverage, usually with covenants.
When borrowers use it
- Refinancing or consolidating existing debt at scale.
- Funding acquisitions, growth capex, or working capital where the borrower has real collateral or cash flow.
Related terms
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