Term Loan B
Also called: TLB, institutional term loan, leveraged loan
A Term Loan B is the institutional tranche of leveraged loan financing — floating rate, minimal amortisation, bullet repayment, sold to funds and CLOs rather than held by banks. It's the workhorse of LBO financing. Because it floats over SOFR, a buyout structured when rates were near zero can see its interest bill double without anything changing at the company.