Syndicated Bank Loan Market Summary – August 2025
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Syndicated Bank Loan Market Summary: august 2025
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
New Issues
Loans issued during the month ending 8/31/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Labeyrie Fine Foods SAS | – | Term Loan | 7/31/2029 | – |
| Alpha BidCo SAS | – | Term Loan | 11/2/2028 | – |
| EL Corte Ingles SA | 919 | Term Loan | 3/28/2027 | – |
| June Purchaser LLC | – | Term Loan | 11/28/2031 | – |
| Prairie ECI Acquiror LP | – | Term Loan | 8/1/2023 | – |
| Navicure | – | Term Loan | 10/22/2029 | S+200 |
| Bright Horizons Family Solutions Inc. | 450 | Term Loan | 8/14/2032 | S+175 |
| Parques Reunidos | – | Revolving Credit | 9/3/2026 | – |
| Parques Reunidos | – | Revolving Credit | 3/1/2029 | – |
| EG Group | – | Term Loan | 2/7/2028 | – |
| Alvotech Holdings SA | 169 | Term Loan | 6/25/2030 | S+600 |
| Digital Realty Trust LP | – | Term Loan | 12/27/2027 | – |
| Digital Dutch Finco BV | – | Term Loan | 12/27/2027 | – |
| Zoetis Inc. | 1250 | Revolving Credit | 8/27/2030 | – |
| InvenTrust Properties Corp. | 200 | Term Loan | 8/26/2030 | – |
| InvenTrust Properties Corp. | 200 | Term Loan | 2/24/2031 | – |
| Conduent Business Services LLC | 93 | Letter of Credit | 8/26/2028 | – |
| Conduent Business Services LLC | 170 | Revolving Credit | 10/15/2026 | – |
| Conduent Business Services LLC | 187 | Revolving Credit | 8/26/2028 | – |
| Matrix Service Co. | 90 | Revolving Credit | 9/9/2029 | – |
| Mannkind Corp. | 125 | Delayed-draw Term Loan | 8/6/2030 | – |
| Bellring Brands LLC | 500 | Revolving Credit | 8/22/2030 | – |
| Oaktree Gardens OLP LLC | 280 | Revolving Credit | 9/24/2026 | – |
| Envalior | 1150 | Term Loan | 3/29/2030 | E+550 |
| Molina Healthcare Inc. | 500 | Delayed-draw Term Loan | 8/12/2027 | – |
| Instructure Inc. | 1681 | Term Loan | 11/13/2031 | S+275 |
| Highwoods Properties Inc. | 200 | Term Loan | 1/1/2029 | – |
| Fiserv Inc. | 8000 | Revolving Credit | 8/12/2030 | – |
| Apollo Debt Solutions BDC | 3453 | Revolving Credit | 8/12/2030 | – |
| TransDigm Group Inc. | 2500 | Term Loan | 8/1/2032 | S+250 |
| TransDigm Group Inc. | 2500 | Term Loan | 8/1/2032 | – |
| Starwood Property Trust Inc. | 700 | Term Loan | 8/11/2032 | S+225 |
| Sabre Industries Inc. | 1260 | Term Loan | 8/11/2032 | S+250 |
| One Gas Inc. | 250 | Term Loan | 9/1/2026 | – |
| MDVIP, Inc. | 910 | Term Loan | 10/1/2031 | – |
| Life-Time Fitness Inc. | 995 | Term Loan | 11/5/2031 | S+200 |
| Access CIG LLC | 1475 | Term Loan | 8/2/2030 | S+400 |
| Access CIG LLC | 30 | Term Loan | 8/1/2030 | – |
| Otis Worldwide Corp. | 1500 | Revolving Credit | 8/8/2030 | – |
| Precision Medicine Group LLC | 800 | Term Loan | 8/7/2032 | – |
| Chesapeake Utilities Corp. | 175 | Revolving Credit | 8/4/2026 | – |
| Adtalem Global Education Inc. | 500 | Revolving Credit | 8/6/2030 | – |
| Traverse Midstream Partners LLC | 1230 | Term Loan | 2/1/2028 | S+250 |
| Traeger Pellet Grills LLC | 83 | Revolving Credit | 12/29/2027 | – |
| Quidel Corp. | 1450 | Term Loan | 8/21/2032 | S+400 |
| Cloud Software Group Holdings Inc | 2985 | Term Loan | 3/22/2031 | S+325 |
| Cloud Software Group Holdings Inc | 3457 | Term Loan | 8/6/2032 | S+325 |
| OXEA SARL | – | Term Loan | 4/8/2031 | – |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 8/1/25 – 8/31/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | 1.08% | 88.98 | 88.03 | 12 |
| 2 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | 0.31% | 95.19 | 94.89 | 15 |
| 3 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | 2.12% | 95.26 | 93.29 | 13 |
| 4 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | -0.20% | 100.15 | 100.36 | 12 |
| 5 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | 0.17% | 100.32 | 100.15 | 18 |
| 6 | 4,479 | CLOUD SOFTWARE GROUP INC (USD) TL B S+350 3/30/2029 | 1.08% | 100.16 | 99.09 | 10 |
| 7 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | -0.59% | 99.62 | 100.22 | 12 |
| 8 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | -0.07% | 99.94 | 100.01 | 16 |
| 9 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | -0.29% | 99.63 | 99.92 | 17 |
| 10 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | -0.06% | 100.31 | 100.37 | 15 |
| 11 | 3,900 | DIRECTV FNCG LLC (USD) TL L+500 8/2/2027 | -0.36% | 100.12 | 100.49 | 10 |
| 12 | 3,859 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | -0.32% | 99.94 | 100.26 | 21 |
| 13 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | 0.25% | 100.27 | 100.02 | 17 |
| 14 | 3,573 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | -18.82% | 81.33 | 100.18 | 18 |
| 15 | 3,566 | AIR MEDICAL (USD) PIK TL B S+550 10/2/2028 | 19.97% | 100.04 | 83.39 | 11 |
| 16 | 3,491 | WESTINGHOUSE (USD) TL B S+250 1/5/2031 | -0.13% | 100.04 | 100.16 | 16 |
| 17 | 3,393 | GENESYS TELECOM (USD) TL B S+250 1/23/2032 | -0.18% | 99.85 | 100.03 | 12 |
| 18 | 3,380 | SOLERA (USD) TL B L+400 6/2/2028 | -1.97% | 98.01 | 99.98 | 16 |
| 19 | 3,119 | EPICOR SOFTWARE CORP (USD) TL B S+275 5/30/2031 | 2.83% | 100.14 | 97.38 | 17 |
| 20 | 3,110 | HUNTER DOUGLAS (USD) TL B S+325 1/13/2032 | -0.34% | 99.92 | 100.26 | 12 |
| AVERAGE | 4,050 | 0.22% | 97.96 | 97.92 | 14.5 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 8/1/25 – 8/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | 10.64% | 84.91 | 76.75 | 12 |
| 2 | ACPRODUCTS HLDGS INC (USD) TL B L+425 5/17/2028 | 7.13% | 80.34 | 74.99 | 10 |
| 3 | BRAND INDL SERVS INC (USD) TL B S+450 8/1/2030 | 4.88% | 87.60 | 83.53 | 15 |
| 4 | PLY GEM (USD) TL B S+475 5/2/2031 | 4.69% | 90.34 | 86.29 | 10 |
| 5 | FOUNDATION BUILDING (USD) TL B2 S+400 1/24/2031 | 4.03% | 100.30 | 96.41 | 12 |
| 6 | US LBM (USD) TL B S+375 5/29/2031 | 3.79% | 97.05 | 93.50 | 13 |
| 7 | CORNERSTONE BLDG BRANDS INC (USD) TL L+325 4/12/2028 | 3.48% | 94.63 | 91.45 | 15 |
| 8 | GEON PERFORMANCE (USD) TL B S+425 8/18/2028 | 3.24% | 93.09 | 90.17 | 6 |
| 9 | HOLLEY PURCHASER (USD) TL L+400 11/17/2028 | 3.24% | 97.12 | 94.07 | 12 |
| 10 | PETCO (USD) TL B L+325 3/3/2028 | 3.10% | 96.16 | 93.27 | 16 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 8/1/25 – 8/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | TRINSEO (USD) TL B S+250 5/3/2028 | -40.70% | 25.48 | 42.97 | 12 |
| 2 | LESLIE’S POOLMART (USD) TL B L+275 3/9/2028 | -27.62% | 34.40 | 47.53 | 15 |
| 3 | LIBERTY LATIN AMERICA (USD) TL B L+375 10/16/2028 | -20.25% | 60.05 | 75.30 | 6 |
| 4 | VIVID SEATS (USD) TL B S+250 2/3/2029 | -19.23% | 70.08 | 86.76 | 5 |
| 5 | KIK CUSTOM (USD) TL B S+400 6/26/2031 | -12.78% | 74.15 | 85.02 | 13 |
| 6 | MULTI-COLOR (USD) TL B L+500 10/29/2028 | -12.70% | 78.81 | 90.28 | 16 |
| 7 | INOVIE (EUR) TL B E+500 3/3/2028 | -10.29% | 85.42 | 95.22 | 13 |
| 8 | CONAIR HLDGS LLC (USD) TL L+375 5/17/2028 | -9.26% | 66.46 | 73.24 | 9 |
| 9 | PRETIUM PACKAGING (USD) 2ND OUT TL A1 S+460 10/2/2028 | -9.07% | 49.58 | 54.53 | 8 |
| 10 | MAGNOLIA (USD) 2L TL S+775 2/1/2029 | -7.67% | 58.73 | 63.61 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/1/25 – 8/31/25 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 8/1/25 – 8/31/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 7/31/24 vs. the month ending 8/31/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | REFRESCO (EUR) TL B E+350 7/25/2029 | 67 | 250 | 183 | 273% |
| 2 | COGNITA FINANCING PLC (EUR) TL B E+375 4/25/2029 | 44 | 182 | 138 | 314% |
| 3 | DELL SOFTWARE GROUP (USD) 3RD OUT TL S+425 2/1/2029 | 63 | 155 | 92 | 146% |
| 4 | CERBA HEALTHCARE (EUR) TL C E+400 2/16/2029 | 77 | 166 | 89 | 116% |
| 5 | SHILTON (EUR) TL B E+375 1/14/2030 | 58 | 138 | 80 | 138% |
| 6 | CINEWORLD (USD) TL B S+450 12/2/2031 | 197 | 271 | 74 | 38% |
| 7 | VISTAJET MALTA FINANCE P (USD) TL B S+375 4/1/2031 | 52 | 126 | 74 | 142% |
| 8 | BENDING SPOONS SPA (USD) TL B S+525 2/24/2031 | 18 | 88 | 70 | 389% |
| 9 | SIVANTOS (USD) TL B S+350 2/27/2029 | 8 | 72 | 64 | 800% |
| 10 | EASTMAN TIRE ADDITIVES (USD) 2ND OUT TL S+525 8/1/2029 | 23 | 85 | 62 | 270% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/1/25 – 8/31/25
| 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 | TRICORBRAUN (USD) TL B L+325 3/3/2028 | 19 |
| 4 | INTL GAME TECH PLC (USD) TL B S+475 7/1/2032 | 19 |
| 5 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 19 |
| 6 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 19 |
| 7 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 19 |
| 8 | WHATABURGER (USD) TL B S+250 8/3/2028 | 18 |
| 9 | JANE STREET (USD) TL B S+200 12/10/2031 | 18 |
| 10 | ROCKET SOFTWARE INC (USD) TL B S+375 11/28/2028 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/1/25 – 8/31/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/1/25 – 8/31/25 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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