Goldman-Led Proofpoint Deal Helps Thirsty Debt Investors

Goldman Sachs Group Inc.’s financing for Proofpoint Inc. is a small drop of water into the mouths of thirsty investors.

The $1.35 billion leveraged loan is one of just a couple of deals so far this year referred to as “new money” — meaning they are fresh loans or bonds and not just repricing or rearranging old debt into different terms, which has dominated volume.

Wall Street has been waiting for these types of transactions for a long time, as higher interest rates since 2022 led to fewer debt deals and suppressed corporate acquisitions. The Federal Reserve starting cutting ...