Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 9/19/25
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 9/19/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| LTI Hldg Inc. | 1787 | Term Loan | 7/19/2029 | S+400 |
| Riddell Bell Hldg Inc. | 2369 | Term Loan | 8/26/2031 | S+300 |
| Refresco Group B.V. | 1965 | Term Loan | 7/27/2029 | E+325 |
| Sotera Health Hldg, LLC | 1423 | Term Loan | 5/24/2031 | S+250 |
| team.blue Finco Sarl | 1248 | Term Loan | 9/30/2029 | E+350 |
forward calendar
Forward calendar during the week ending 9/19/25
| Issuer | Deal Information | Banks | Expected Issue Date |
| Accelya Group | $600MM 1st-lien TL (B3/B-) , 0% floor, OID 99-101, 101 soft call for 6M | DBK, GS, HSBC, MUFG, UBS | Q3 2024 |
| Air Transport Services Group Inc. (Stonepeak Nile Parent Llc) | $1.65b 1st-lien TL (Ba1/BB/BBB-) 0% floor, OID 99.75- par, 101 soft call for 6M | BCLY | Q3 2024 |
| American Axle & Manufacturing Inc. | $835MM term C (Ba2/BB/BB+) , 0% floor, OID 99.5, 101 soft call for 6M | JPM, BofA, CITI, BNP, MIZ, PNC, UBS, TRUI | Q3 2024 |
| Atkore Inc. | $373mm 1st-lien term B due 2032 (Ba1/BBB-), 0% floor, OID 99-99.5, 101 soft call for 6M | JPM | Q3 2024 |
| Bayonne Energy Center Llc | $575MM 1st-lien TL (Ba3/BB-), 0% floor, OID 99.5, 101 soft call for 6M | STDR, CTG | Q3 2024 |
| Bombardier Recreational Products Inc. | $1.734b TL (Ba1/BB) | RBC, BMO, TD, CITI, NBOC, CIBC | Q3 2024 |
| Clean Harbors Inc. | $1.16B TLB (Baa3/BBB-) OID 99.75, 101 soft call for 6M | GS | Q3 2024 |
| Delta Air Lines Inc. (Skymiles Ip Ltd.) | $588MM TLB 0% floor, OID 99.75-par, 101 soft call for 6M | BCLY | Q3 2024 |
| Essential Home | $2.375B TLB (B1/B+/BB+) , 0% floor,101 soft call for 6M | BCLY, CITI, STDR, SMBC, CZB, GS, HSBC, ING, ISO, LLOYD, MIZ, MS, NMR, RBI, RBC, SCB, UBS | Q3 2024 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/12/25-9/19/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | 0.01% | 100.03 | 100.02 | 15 |
| 2 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | 0.21% | 84.04 | 83.87 | 14 |
| 3 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | -0.10% | 100.04 | 100.13 | 14 |
| 4 | 5,080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 0.01% | 100.48 | 100.47 | 16 |
| 5 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | 1.04% | 97.35 | 96.35 | 14 |
| 6 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | 1.63% | 95.40 | 93.87 | 12 |
| 7 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | -0.08% | 100.41 | 100.48 | 14 |
| 8 | 4,655 | BELRON UK FIN PLC (USD) TL B S+250 10/16/2031 | -0.03% | 100.44 | 100.47 | 12 |
| 9 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | 0.02% | 100.02 | 100.00 | 14 |
| 10 | 4,511 | RADIATE HOLDCO LLC (USD) 1ST OUT TL S+500 9/25/2029 | -0.54% | 79.42 | 79.85 | 11 |
| 11 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | 0.11% | 99.90 | 99.79 | 14 |
| 12 | 4,230 | TK ELEVATOR (US) NEWCO INC TL B | 0.05% | 100.31 | 100.26 | 15 |
| 13 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | 0.10% | 100.08 | 99.98 | 15 |
| 14 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | -0.09% | 99.75 | 99.84 | 18 |
| 15 | 4,074 | MEDLINE BORROWER LP (USD) TL B S+200 10/23/2028 | -0.01% | 99.99 | 100.01 | 14 |
| 16 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | 0.04% | 100.23 | 100.19 | 14 |
| 17 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 0.04% | 100.27 | 100.24 | 16 |
| 18 | 3,914 | BROADSTREET PARTNERS INC (USD) TL B S+275 6/16/2031 | 0.00% | 100.13 | 100.12 | 17 |
| 19 | 3,900 | DIRECTV FNCG LLC (USD) TL L+500 8/2/2027 | 0.00% | 100.00 | 100.00 | 11 |
| 20 | 3,830 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 0.00% | 99.76 | 99.76 | 18 |
| AVERAGE | 4,579 | 0.12% | 97.90 | 100.09 | 14.4 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 9/12/25-9/19/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | SYNCSORT (USD) 2L TL L+725 4/23/2029 | 6.76% | 95.24 | 89.21 | 5 |
| 2 | TRAVELPORT (USD) TL B S+875 9/29/2028 | 3.41% | 78.70 | 76.11 | 13 |
| 3 | FOREST CITY ENTERPRISES (USD) TL B L+350 12/8/2025 | 3.37% | 99.52 | 96.28 | 11 |
| 4 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | 3.22% | 90.06 | 87.25 | 11 |
| 5 | TRONOX INC (USD) TL B S+250 9/18/2031 | 2.79% | 88.67 | 86.27 | 15 |
| 6 | AMERICAN TRAILER WORLD (USD) TL L+375 3/3/2028 | 2.24% | 88.09 | 86.16 | 11 |
| 7 | XAI CORP (USD) TL B S+725 6/2/2030 | 2.01% | 96.99 | 95.08 | 8 |
| 8 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | 1.63% | 95.40 | 93.87 | 12 |
| 9 | VERIFONE (USD) TL S+575 8/20/2028 | 1.40% | 95.78 | 94.45 | 13 |
| 10 | TWITTER INC (USD) TL B S+950 10/27/2029 | 1.31% | 99.56 | 98.27 | 6 |
Bottom 10 Performers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 9/12/25-9/19/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | TRICO PRODUCTS (USD) TL S+500 3/30/2027 | -26.46% | 64.89 | 88.24 | 10 |
| 2 | GI REVELATION (USD) TL B S+375 5/14/2028 | -8.62% | 80.96 | 88.60 | 12 |
| 3 | EPIQ SYSTEMS (USD) TL S+425 4/26/2029 | -8.45% | 81.70 | 89.24 | 8 |
| 4 | PRE-PAID LEGAL SERVICES (USD) TL B S+325 12/15/2028 | -3.21% | 94.61 | 97.75 | 9 |
| 5 | APEX GROUP TRSY LLC (USD) TL B S+350 2/20/2032 | -3.17% | 96.69 | 99.85 | 7 |
| 6 | DAVE & BUSTER’S (USD) TL B S+325 9/26/2031 | -2.92% | 92.46 | 95.24 | 11 |
| 7 | CARDENAS MARKETS (USD) TL B S+675 8/1/2029 | -2.21% | 86.80 | 88.77 | 14 |
| 8 | VERITEXT (USD) TL B S+300 8/10/2030 | -2.17% | 97.17 | 99.32 | 5 |
| 9 | WELD NORTH (USD) TL B S+350 12/15/2029 | -1.88% | 84.92 | 86.55 | 8 |
| 10 | CERBA HEALTHCARE (EUR) TL C E+400 2/16/2029 | -1.69% | 68.68 | 69.86 | 11 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/12/25-9/19/25
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 9/12/25-9/19/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/12/25 vs. the week ending 9/19/25
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | POULT (EUR) TL B E+400 2/15/2027 | 0 | 36 | 36 | NA |
| 2 | NOVAFR (EUR) TL B E+450 12/17/2028 | 0 | 34 | 34 | NA |
| 3 | ALLIANCE LAUNDRY TL B | 56 | 86 | 30 | 54% |
| 4 | EPIC HEALTH (USD) TL B S+375 9/10/2025 | 12 | 42 | 30 | 250% |
| 5 | INSPIRED FINCO HOLDINGS (EUR) TL B6 E+325 2/15/2031 | 42 | 68 | 26 | 62% |
| 6 | CANADA GOOSE (USD) TL B S+375 8/19/2032 | 16 | 40 | 24 | 150% |
| 7 | APPLIED SYSTEMS (USD) TL B S+225 2/23/2031 | 39 | 62 | 23 | 59% |
| 8 | LOGOPLASTE (EUR) TL B E+375 7/7/2028 | 5 | 27 | 22 | 440% |
| 9 | UNIT 4 AGRESSO NV (EUR) TL B E+400 6/25/2028 | 5 | 27 | 22 | 440% |
| 10 | GHD GESUNDHEITS (EUR) TL B E+400 8/15/2026 | 8 | 28 | 20 | 250% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/12/25-9/19/25
| RANK | TRANCHE | DEALERS |
| 1 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | 20 |
| 2 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 20 |
| 3 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 20 |
| 4 | WHATABURGER (USD) TL B S+250 8/3/2028 | 19 |
| 5 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 19 |
| 6 | ZIGGO (USD) TL I L+250 4/30/2028 | 18 |
| 7 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 18 |
| 8 | VIBRANTZ TECHS INC (USD) TL S+425 4/21/2029 | 18 |
| 9 | TENNECO INC (USD) TL B S+500 11/6/2028 | 18 |
| 10 | GO DADDY OPERATING CO LLC (USD) TL B S+175 11/10/2029 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/12/25-9/19/25
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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