Private credit glossary · Data updated Oct 23, 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.
1,066
active Senior funds in this site's database
$10M–$75M
median confirmed check size, from 152 source-confirmed ranges
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
Go deeper
Lender lists, answers and guides for Senior
Lender directory
Answers
Guides
More definitions
Browse all 1,066 Senior lenders
Named funds with check sizes, structures and sectors — free to search.
Rank them against your exact deal
Amount, structure, sector, geography — scored in about a minute. Free, no account.