Syndicated Bank Loan Market Summary – Week Ending 9/5/25
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Syndicated Bank Loan Market Summary: Week Ending 9/5/25
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 9/5/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Nuvei Technologies Corp. | 600 | Revolving Credit | 7/19/2029 | S+325 |
| Insight Enterprises, Inc. | 902 | Delayed-draw Term Loan | 5/22/2026 | S+575 |
| OCU Group LTD | 7 | Delayed-draw Term Loan | 11/7/2031 | SN+500 |
forward calendar
Forward calendar during the week ending 9/5/25
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Aveanna Healthcare LLC | $1.325B (B3/B-/B-) | BCLY,JEFF | Q3 2025 |
| Savers Inc. | $750MM TL | JEFF,JPM,KKR,WF,PNC | Q3 2025 |
| Warhorse Gaming LLC | $300MM TL (B3/B) | CTZ | Q3 2025 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/29/25-9/5/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | 0.06% | 99.99 | 99.93 | 14 |
| 2 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | -1.73% | 84.42 | 85.90 | 14 |
| 3 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | 0.00% | 100.23 | 100.23 | 13 |
| 4 | 5,080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 0.13% | 100.42 | 100.29 | 16 |
| 5 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | -0.11% | 96.32 | 96.43 | 13 |
| 6 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | -0.16% | 92.48 | 92.63 | 12 |
| 7 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | 0.05% | 100.49 | 100.44 | 14 |
| 8 | 4,655 | BELRON UK FIN PLC (USD) TL B S+250 10/16/2031 | -0.03% | 100.47 | 100.50 | 18 |
| 9 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | -0.01% | 100.24 | 100.25 | 17 |
| 10 | 4,511 | RADIATE HOLDCO LLC (USD) 1ST OUT TL S+500 9/25/2029 | -1.14% | 80.24 | 81.17 | 10 |
| 11 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | -0.05% | 99.68 | 99.73 | 13 |
| 12 | 4,230 | TK ELEVATOR (US) NEWCO INC TL B | 0.01% | 100.30 | 100.29 | 14 |
| 13 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | 0.04% | 99.96 | 99.92 | 15 |
| 14 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | 0.13% | 99.77 | 99.64 | 18 |
| 15 | 4,074 | MEDLINE BORROWER LP (USD) TL B S+200 10/23/2028 | -0.02% | 99.98 | 100.00 | 12 |
| 16 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | -0.09% | 100.14 | 100.23 | 13 |
| 17 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 0.00% | 100.13 | 100.13 | 16 |
| 18 | 3,914 | BROADSTREET PARTNERS INC (USD) TL B S+275 6/16/2031 | 0.09% | 100.03 | 99.94 | 17 |
| 19 | 3,830 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 0.06% | 99.81 | 99.75 | 18 |
| 20 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | -0.01% | 100.11 | 100.12 | 16 |
| AVERAGE | 4,566 | -0.14% | 97.76 | 83.38 | 14.7 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 8/29/25-9/5/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | CERBA HEALTHCARE (EUR) TL C E+400 2/16/2029 | 4.82% | 71.25 | 67.98 | 11 |
| 2 | TRINSEO (USD) TL B S+250 5/3/2028 | 3.96% | 26.49 | 25.48 | 12 |
| 3 | HERENS HOLDCO SARL (USD) TL B L+400 7/3/2028 | 2.61% | 90.09 | 87.79 | 7 |
| 4 | TRAEGER (USD) TL L+350 6/29/2028 | 2.33% | 91.08 | 89.00 | 14 |
| 5 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | 2.26% | 85.26 | 83.38 | 17 |
| 6 | BIOGROUP (EUR) TL B E+350 1/28/2028 | 1.82% | 94.16 | 92.47 | 14 |
| 7 | TECTUM HOLDINGS INC (USD) TL B L+375 1/31/2028 | 1.75% | 93.41 | 91.80 | 9 |
| 8 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | 1.34% | 86.04 | 84.91 | 11 |
| 9 | PETCO (USD) TL B L+325 3/3/2028 | 1.15% | 97.26 | 96.16 | 16 |
| 10 | OSCAR ACQUISITIONCO LLC (USD) TL B S+425 4/29/2029 | 1.05% | 92.34 | 91.38 | 15 |
Bottom 10 Performers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 8/29/25-9/5/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | LESLIE’S POOLMART (USD) TL B L+275 3/9/2028 | -5.03% | 32.67 | 34.40 | 13 |
| 2 | RACKSPACE FIN LLC (USD) TL B S+275 5/15/2028 | -4.76% | 47.68 | 50.06 | 13 |
| 3 | XAI CORP (USD) TL B S+725 6/2/2030 | -3.07% | 94.74 | 97.75 | 8 |
| 4 | GI REVELATION (USD) TL B S+375 5/14/2028 | -2.50% | 91.31 | 93.65 | 10 |
| 5 | CONAIR HLDGS LLC (USD) TL L+375 5/17/2028 | -2.42% | 64.85 | 66.46 | 9 |
| 6 | ATNAHS PHARMA UK LTD (EUR) TL B E+425 2/6/2030 | -1.95% | 75.40 | 76.89 | 12 |
| 7 | MAGNOLIA (USD) TL L+375 2/1/2028 | -1.73% | 84.42 | 85.90 | 14 |
| 8 | TRONOX INC (USD) TL B S+250 9/18/2031 | -1.53% | 86.36 | 87.70 | 14 |
| 9 | CALDIC (USD) TL B S+375 2/4/2029 | -1.41% | 95.87 | 97.24 | 8 |
| 10 | ADCO GLOBAL (EUR) TL B6 E+350 10/20/2029 | -1.38% | 97.23 | 98.59 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/29/25-9/5/25 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 8/29/25-9/5/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/29/25 vs. the week ending 9/5/25
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CERBA HEALTHCARE (EUR) TL D E+500 2/16/2029 | 8 | 59 | 51 | 638% |
| 2 | INDEPENDENT VETCARE TL B | 24 | 64 | 40 | 167% |
| 3 | AREAS (EUR) TL B E+400 12/25/2029 | 29 | 66 | 37 | 128% |
| 4 | AHLSTROM HLDG 3 OY (EUR) TL B E+375 2/4/2028 | 20 | 56 | 36 | 180% |
| 5 | KBR INC (USD) TL B S+200 1/19/2031 | 11 | 46 | 35 | 318% |
| 6 | CLINIGEN (EUR) TL B E+375 4/5/2029 | 20 | 54 | 34 | 170% |
| 7 | RECIPHARM (EUR) TL B E+350 2/17/2028 | 20 | 54 | 34 | 170% |
| 8 | CERBA HEALTHCARE (EUR) TL C E+400 2/16/2029 | 24 | 58 | 34 | 142% |
| 9 | OPAL BIDCO SAS (EUR) TL B E+350 4/2/2032 | 22 | 56 | 34 | 155% |
| 10 | TK ELEVATOR (US) NEWCO INC TL B | 22 | 56 | 34 | 155% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/29/25-9/5/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | 21 |
| 2 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 20 |
| 3 | INTL GAME TECH PLC (USD) TL B S+475 7/1/2032 | 19 |
| 4 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 19 |
| 5 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 19 |
| 6 | TRICORBRAUN (USD) TL B L+325 3/3/2028 | 19 |
| 7 | BELRON UK FIN PLC (USD) TL B S+250 10/16/2031 | 18 |
| 8 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 18 |
| 9 | WHATABURGER (USD) TL B S+250 8/3/2028 | 18 |
| 10 | JANE STREET (USD) TL B S+200 12/10/2031 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/29/25-9/5/25
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Stay up-to-date with weekly summaries.
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