Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 4/25/25
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
New Issues
Loans issued during the week ending 4/25/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| XPO Logistics Inc. | 700 | Term Loan | 5/10/2028 | S+175 |
| Ascend Performance Materials LLC | 2005 | Term Loan | 12/11/2028 | S+350 |
| Arcis Golf | 155 | Term Loan | 11/25/2028 | S+275 |
forward calendar
Forward calendar during the week ending 4/25/25
| Issuer | Deal Information | Banks | Expected Issue Date |
| IGT Gaming | $3.575B credit facilities | DB,MQ | Q2 2025 |
| X Corp. | $1.225B TL | MS | Q2 2025 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 4/17/25-4/25/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | 2.99% | 89.11 | 86.52 | 15 |
| 2 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | 2.70% | 92.81 | 90.36 | 13 |
| 3 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | 2.22% | 93.36 | 91.34 | 11 |
| 4 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | 0.30% | 99.86 | 99.56 | 17 |
| 5 | 4,479 | TIBCO (USD) TL B S+350 3/30/2029 | 0.70% | 98.90 | 98.22 | 11 |
| 6 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | 0.73% | 98.95 | 98.24 | 10 |
| 7 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | 0.47% | 98.99 | 98.53 | 14 |
| 8 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | 0.09% | 98.76 | 98.68 | 15 |
| 9 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | 0.60% | 99.59 | 99.00 | 14 |
| 10 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 0.52% | 99.77 | 99.26 | 18 |
| 11 | 3,900 | DIRECTV FNCG LLC (USD) TL L+500 8/2/2027 | 0.23% | 99.75 | 99.52 | 10 |
| 12 | 3,859 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 0.51% | 99.35 | 98.84 | 19 |
| 13 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | 0.38% | 99.00 | 98.62 | 17 |
| 14 | 3,573 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | -0.27% | 82.67 | 82.89 | 16 |
| 15 | 3,566 | GLOBAL MEDICAL RESPONSE INC (USD) PIK TL B S+550 10/2/2028 | 0.55% | 99.76 | 99.21 | 10 |
| 16 | 3,491 | WESTINGHOUSE (USD) TL B S+250 1/5/2031 | 0.47% | 99.12 | 98.66 | 16 |
| 17 | 3,420 | RADIATE HOLDCO LLC (USD) TL L+325 9/25/2026 | 1.71% | 85.45 | 84.02 | 11 |
| 18 | 3,393 | GENESYS TELECOM (USD) TL B S+250 1/23/2032 | 0.24% | 98.70 | 98.46 | 10 |
| 19 | 3,380 | SOLERA (USD) TL B L+400 6/2/2028 | 0.94% | 96.26 | 95.37 | 18 |
| 20 | 3,340 | PROOFPOINT (USD) TL B S+300 8/31/2028 | 0.36% | 99.34 | 98.98 | 13 |
| AVERAGE | 4,043 | 0.82% | 96.48 | 98.98 | 13.9 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 4/17/25-4/25/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | HARBOR FREIGHT (USD) TL B S+250 6/5/2031 | 5.93% | 91.76 | 86.62 | 14 |
| 2 | ACPRODUCTS HLDGS INC (USD) TL B L+425 5/17/2028 | 4.36% | 66.55 | 63.77 | 12 |
| 3 | A-GAS (USD) TL B S+525 12/12/2029 | 3.32% | 86.97 | 84.18 | 6 |
| 4 | DEXKO (USD) TL B L+375 10/4/2028 | 3.23% | 91.97 | 89.09 | 15 |
| 5 | NGL ENERGY FIN CORP (USD) TL B S+400 2/2/2031 | 2.99% | 94.20 | 91.47 | 9 |
| 6 | OMNI LOGISTICS (USD) TL B S+400 9/20/2030 | 2.98% | 89.52 | 86.93 | 14 |
| 7 | AMERICAN TRAILER WORLD (USD) TL L+375 3/3/2028 | 2.94% | 78.02 | 75.80 | 18 |
| 8 | TENNECO INC (USD) TL A S+475 11/17/2028 | 2.94% | 94.07 | 91.39 | 8 |
| 9 | DAVE & BUSTER’S (USD) TL B S+325 9/26/2031 | 2.92% | 90.34 | 87.78 | 13 |
| 10 | ZAYO (USD) TL S+425 3/9/2027 | 2.76% | 93.42 | 90.91 | 17 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 4/17/25-4/25/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | EASTMAN TIRE ADDITIVES (USD) TL L+525 11/1/2028 | -8.44% | 53.23 | 58.14 | 6 |
| 2 | CHROME HOLDCO SAS (EUR) TL C E+400 2/16/2029 | -6.87% | 78.23 | 84.00 | 12 |
| 3 | VERACODE (USD) TL B S+475 5/2/2029 | -5.23% | 76.41 | 80.63 | 12 |
| 4 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | -2.02% | 89.20 | 91.03 | 10 |
| 5 | SCUR-ALPHA 1503 GMBH (USD) TL B S+550 3/30/2030 | -1.38% | 88.59 | 89.83 | 8 |
| 6 | TORY BURCH LLC (USD) TL B L+350 4/16/2028 | -1.23% | 94.83 | 96.01 | 9 |
| 7 | INEOS FIN PLC (EUR) TL B E+275 11/8/2028 | -1.21% | 94.87 | 96.03 | 9 |
| 8 | COLISEE PATRIMOINE (EUR) TL B E+375 11/30/2027 | -1.01% | 54.90 | 55.46 | 14 |
| 9 | GLATFELTER CORP (USD) TL B S+425 10/11/2031 | -0.75% | 95.74 | 96.47 | 5 |
| 10 | CONSTANT CONTACT (USD) TL B L+400 2/10/2028 | -0.59% | 90.93 | 91.46 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/17/25-4/25/25
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Sentiment
Reveals the percent of loans increasing in price (advancers) vs. loans decreasing in price (decliners) between 4/17/25-4/25/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/17/25 vs. the week ending 4/25/25
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | TRICORBRAUN (USD) TL B L+325 3/3/2028 | 48 | 90 | 42 | 88% |
| 2 | FRONERI (USD) TL B S+200 9/16/2031 | 51 | 89 | 38 | 75% |
| 3 | CP ATLAS BUYER INC (USD) TL L+375 11/23/2027 | 67 | 98 | 31 | 46% |
| 4 | ION TRADING TECHS SARL (EUR) TL B E+425 4/1/2028 | 8 | 38 | 30 | 375% |
| 5 | BERLIN PACKAGING (USD) TL B S+350 6/9/2031 | 50 | 80 | 30 | 60% |
| 6 | HERTZ CORP (USD) TL B S+375 6/30/2028 | 32 | 62 | 30 | 94% |
| 7 | GO DADDY OPERATING CO LLC (USD) TL B7 S+200 5/15/2031 | 43 | 73 | 30 | 70% |
| 8 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 62 | 92 | 30 | 48% |
| 9 | MEDICAL SOLUTIONS (USD) TL L+350 11/1/2028 | 31 | 60 | 29 | 94% |
| 10 | CHROME HOLDCO SAS (EUR) TL C E+400 2/16/2029 | 0 | 28 | 28 | NA |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/17/25-4/25/25
| RANK | TRANCHE | DEALERS |
| 1 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | 20 |
| 2 | ROCKET SOFTWARE INC (USD) TL B S+425 11/28/2028 | 19 |
| 3 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 19 |
| 4 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 19 |
| 5 | AMERICAN TRAILER WORLD (USD) TL L+375 3/3/2028 | 18 |
| 6 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 18 |
| 7 | FRONERI (USD) TL B S+200 9/16/2031 | 18 |
| 8 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 18 |
| 9 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 18 |
| 10 | SOLERA (USD) TL B L+400 6/2/2028 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/17/25-4/25/25
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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