Syndicated Bank Loan Market Summary – January 2025
GET OUR BANK LOAN MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Syndicated Bank Loan Market Summary: January 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 1/31/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| AAL Delaware Holdco Inc | 773 | Term Loan | 7/31/2031 | S+275 |
| Alliance Laundry Systems LLC | 2075 | Term Loan | 8/1/2031 | S+275 |
| AmWINS Group Inc. | 4135 | Term Loan | 1/15/2032 | S+225 |
| Ardonagh Group Ltd | 400 | Term Loan | 2/15/2031 | E+375 |
| Ardonagh Group Ltd | 1225 | Term Loan | 2/15/2031 | S+300 |
| Bass Pro Group LLC | 4915 | Term Loan | 1/13/2032 | S+325 |
| Belfor Holdings Inc | 250 | Term Loan | 11/2/2030 | E+375 |
| Belfor Holdings Inc | 1151 | Term Loan | 11/1/2030 | S+325 |
| Buckeye Partners LP | 993 | Term Loan | 11/1/2030 | S+175 |
| Carnival Corp. | 1748 | Term Loan | 1/6/2028 | S+200 |
| Carnival Corp. | 701 | Term Loan | 1/6/2027 | S+200 |
| Ciena Corp. | 1158 | Term Loan | 10/1/2030 | S+175 |
| Citco Group LTD | 1190 | Term Loan | 4/27/2028 | S+275 |
| Clarios Global LP | 3500 | Term Loan | 1/8/2032 | S+275 |
| CommScope LLC | 3250 | Term Loan | 12/17/2029 | S+550 |
| Delta Topco Inc. | 1682 | Term Loan | 12/1/2029 | S+275 |
| EAB Global Inc. | 990 | Term Loan | 8/16/2030 | S+300 |
| EG Group | 1700 | Term Loan | 2/7/2028 | S+425 |
| Emerald Expositions Holding Inc. | 515 | Term Loan | 1/31/2032 | S+375 |
| Filtration Group Inc. | 2132 | Term Loan | 10/1/2028 | S+300 |
| FLNG Liquefaction 2 LLC | 1146 | Term Loan | 12/1/2028 | S+325 |
| Flynn Restaurant Group LP | 1025 | Term Loan | 1/6/2032 | S+375 |
| Focus Financial Partners LLC | 325 | Delayed-draw Term Loan | 9/15/2031 | S+275 |
| Focus Financial Partners LLC | 3601 | Term Loan | 9/15/2031 | S+275 |
| Formula One Holdings | 850 | Term Loan | 9/29/2031 | S+200 |
| Formula One Holdings | 1700 | Term Loan | 9/30/2031 | S+200 |
| Frontier Communications Corp. | 1500 | Delayed-draw Term Loan | 12/31/2029 | S+175 |
| Garrett Motion | 692 | Term Loan | 1/13/2032 | S+225 |
| Genesys Telecom | 3393 | Term Loan | 1/2/2032 | S+275 |
| Hightower Holding LLC | 1450 | Term Loan | 1/8/2032 | |
| HireRight Inc. | 1039 | Term Loan | 9/27/2030 | S+325 |
| HUB Intl. LTD | 5072 | Term Loan | 6/20/2030 | S+250 |
| Hunter Douglas NV | 1100 | Term Loan | 1/6/2032 | E+325 |
| Hunter Douglas NV | 3110 | Term Loan | 1/6/2032 | S+325 |
| Kaman Corp. | 250 | Delayed-draw Term Loan | 1/30/2032 | S+275 |
| Kaman Corp. | 2650 | Term Loan | 12/30/2032 | S+275 |
| Mavis Tire Supply LLC | 2476 | Term Loan | 5/4/2028 | S+300 |
| McGraw-Hill Global Education Hldgs LLC | 1214 | Term Loan | 8/6/2031 | S+325 |
| Oryx Midstream Services Permian Basin LLC | 1819 | Term Loan | 10/5/2028 | S+225 |
| PAREXEL International Corp. | 3095 | Term Loan | 11/1/2028 | S+250 |
| Solina Group | 418 | Term Loan | 3/1/2029 | S+325 |
| Solina Group | 185 | Term Loan | 3/2/2029 | S+325 |
| TMF Group Hldg B.V. | 1055 | Term Loan | 5/1/2028 | S+325 |
| Touchdown Acquirer Inc | 888 | Term Loan | 2/21/2031 | S+275 |
| TRC Cos Inc | 998 | Term Loan | 12/1/2028 | S+300 |
| Tricor Group (Thevelia (US) LLC) | 1382 | Term Loan | 6/17/2029 | S+300 |
| Wand Newco 3 Inc. | 2661 | Term Loan | 1/30/2031 | S+275 |
| WorldPay | 5187 | Term Loan | 1/1/2031 | S+225 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 1/1/25 – 1/31/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,145 | MAGNOLIA TL | 0.77% | 93.51 | 92.79 | 14 |
| 2 | 5,098 | HUB INTL LTD TL B | -0.07% | 100.38 | 100.45 | 19 |
| 3 | 4,750 | ZAYO TL | 2.82% | 96.07 | 93.44 | 16 |
| 4 | 4,741 | INTERNET BRANDS TL B | -0.88% | 99.07 | 99.95 | 12 |
| 5 | 4,525 | TRANSDIGM INC. TL I | 0.20% | 100.45 | 100.25 | 17 |
| 6 | 4,479 | TIBCO TL B | 0.42% | 100.66 | 100.24 | 14 |
| 7 | 4,226 | INSPIRE BRANDS TL B | 0.30% | 100.30 | 99.99 | 15 |
| 8 | 4,001 | CITADEL TL B | 0.97% | 100.58 | 99.61 | 14 |
| 9 | 3,935 | SS&C TECH TL B8 | 0.07% | 100.27 | 100.20 | 18 |
| 10 | 3,859 | ALLIANT HLDGS I INC TL B | 0.10% | 100.30 | 100.20 | 21 |
| 11 | 3,642 | MASMOVIL IBERCOM SA EUR TL B3 | 0.33% | 100.49 | 100.16 | 14 |
| 12 | 3,640 | TRANSDIGM INC. TL J | 0.21% | 100.38 | 100.16 | 18 |
| 13 | 3,573 | CDK GLOBAL TL B | -4.83% | 95.35 | 100.19 | 17 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | 2.24% | 102.36 | 100.12 | 15 |
| 15 | 3,420 | RCN GRANDE TL | -9.46% | 89.18 | 98.50 | 11 |
| 16 | 3,380 | SOLERA TL B | -2.39% | 100.09 | 102.54 | 18 |
| 17 | 3,350 | THE NIELSEN COMPANY B.V. TL B | -3.46% | 83.86 | 86.86 | 11 |
| 18 | 3,340 | PROOFPOINT TL B | 0.46% | 100.57 | 100.11 | 16 |
| 19 | 3,250 | CORELOGIC TL B | 11.06% | 99.54 | 89.63 | 12 |
| 20 | 3,236 | PAREXEL INTERNATIONAL TL B | 0.04% | 100.44 | 100.40 | 13 |
| AVERAGE | 4,005 | -0.06% | 98.19 | 98.29 | 15.3 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 1/1/25 – 1/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | DELL SOFTWARE GROUP 2ND LIEN TL | 22.37% | 25.70 | 21.00 | 9 |
| 2 | ANASTASIA BEVERLY HILLS TL B | 15.27% | 80.80 | 70.10 | 11 |
| 3 | TROPICANA TL | 11.80% | 73.33 | 65.59 | 18 |
| 4 | TORRID TL B | 8.58% | 91.91 | 84.65 | 10 |
| 5 | COMDATA SPA EUR TL B | 7.24% | 82.50 | 76.94 | 8 |
| 6 | ELECTRONICS FOR IMAGING TL | 6.94% | 86.70 | 81.08 | 11 |
| 7 | SINCLAIR BROADCAST GROUP INC. TL B3 | 5.68% | 85.16 | 80.58 | 10 |
| 8 | COLISEE PATRIMOINE EUR TL B | 5.45% | 93.68 | 88.84 | 15 |
| 9 | COREL TL | 5.39% | 88.04 | 83.54 | 8 |
| 10 | NUMERICABLE TL B14 | 5.17% | 84.02 | 79.89 | 9 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 1/1/25 – 1/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | BLOUNT TL B | -21.31% | 52.67 | 66.93 | 11 |
| 2 | ASCEND PERFORMANCE MATERIALS TL B | -12.08% | 74.72 | 84.99 | 14 |
| 3 | MODIVCARE INC TL B | -11.99% | 83.32 | 94.66 | 10 |
| 4 | TRINSEO TL B | -9.21% | 60.00 | 66.09 | 10 |
| 5 | THE NIELSEN COMPANY B.V. TL A | -8.79% | 83.55 | 91.61 | 9 |
| 6 | CARDENAS MARKETS TL B | -7.20% | 88.58 | 95.45 | 11 |
| 7 | BABILOU EUR TL B | -5.40% | 92.14 | 97.40 | 13 |
| 8 | MULTIPLAN TL B | -5.27% | 79.96 | 84.41 | 10 |
| 9 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | -4.48% | 91.30 | 95.58 | 16 |
| 10 | CRASH CHAMPIONS LLC TL B | -4.41% | 90.32 | 94.48 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/1/25 – 1/31/25 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 1/1/25 – 1/31/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 12/31/24 vs. the month ending 1/31/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | OPEN TEXT CORP TL B | 184 | 484 | 300 | 163% |
| 2 | WESTINGHOUSE TL B | 235 | 494 | 259 | 110% |
| 3 | GOLDEN NUGGET INC TL B | 440 | 688 | 248 | 56% |
| 4 | BWAY HOLDING TL B | 74 | 318 | 244 | 330% |
| 5 | QLIK TECHNOLOGIES TL | 96 | 335 | 239 | 249% |
| 6 | CERBA HEALTHCARE EUR TL D | 66 | 281 | 215 | 326% |
| 7 | BROADSTREET PARTNERS TL B4 | 298 | 512 | 214 | 72% |
| 8 | NRG ENERGY TL B | 113 | 322 | 209 | 185% |
| 9 | PRESS GANEY TL B | 148 | 355 | 207 | 140% |
| 10 | STADA ARZNEIMITTEL TL B3 | 112 | 318 | 206 | 184% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/1/25 – 1/31/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ALLIANT HLDGS I INC TL B | 21 |
| 2 | WHITE CAP BUYER LLC TL B | 20 |
| 3 | GOLDEN NUGGET INC TL B | 20 |
| 4 | HUB INTL LTD TL B | 19 |
| 5 | GO DADDY TL B | 19 |
| 6 | AMWINS TL B | 19 |
| 7 | TENNECO TL B | 19 |
| 8 | TRANSDIGM INC. TL K | 19 |
| 9 | BMC SOFTWARE TL | 19 |
| 10 | DAVITA TL B | 19 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/1/25 – 1/31/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 1/1/25 – 1/31/25 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Stay up-to-date with weekly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
