Syndicated Bank Loan Market Summary – June 2025
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Syndicated Bank Loan Market Summary: June 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 6/30/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Alloheim | 32 | Term Loan | 5/22/2028 | E+500 |
| Cube Healthcare Europe Bidco | 490 | Term Loan | 10/24/2029 | E+375 |
| LSF10 Impala Investments Sarl | 650 | Term Loan | 3/25/2031 | E+350 |
| Vivalto Sante SAS | 945 | Term Loan | 7/1/2031 | E+350 |
| Epic Crude Services LP | 1180 | Term Loan | 10/15/2031 | S+250 |
| Silver Lake Technology Management | Term Loan | 6/17/2032 | S+300 | |
| Sizzling Platter LLC | Delayed-draw Term Loan | 6/24/2032 | S+500 | |
| Bausch & Lomb Inc. | Term Loan | 12/18/2030 | S+425 | |
| Tempur Sealy Intl. Inc. | 500 | Term Loan | 10/10/2028 | S+162.5 |
| Ivanti Software Inc. | 550 | Term Loan | 6/1/2029 | S+725 |
| Gamesa Corporacion Tecnologica SA | 1200 | Term Loan | 6/10/2026 | |
| Ankura Consulting Group LLC | 75 | Term Loan | 3/17/2028 | |
| Aptean Inc. | Term Loan | 4/30/2031 | S+600 | |
| Emergent Biosolutions Inc. | 250 | Term Loan | 8/30/2029 | S+825 |
| OCU Group LTD | 100 | Delayed-draw Term Loan | 10/24/2031 | SN+550 |
| Ministry of Finance & National Economy of Bahrain | 1000 | Term Loan | 12/19/2029 | S+185 |
| Port Arthur LNG LLC | 682 | Term Loan | 3/20/2030 | S+225 |
| Nexstar Broadcasting Group Inc. | 1300 | Term Loan | 6/23/2032 | S+275 |
| Albion Financing 3 SARL | 1318 | Term Loan | 5/26/2031 | E+300 |
| OXEA SARL | Term Loan | 4/8/2031 | ||
| Group of Butchers | 50 | Term Loan | 2/12/2029 | E+375 |
| Benteler Intl. Aktiengesellschaft | 810 | Term Loan | 10/28/2027 | E+450 |
| Aegion Corp | Term Loan | 5/17/2028 | ||
| Medline Industries Inc. | 6112 | Term Loan | 10/23/2028 | S+250 |
| PRA Group, Inc | 465 | Term Loan | 7/30/2026 | S+225 |
| SeaWorld Parks & Entertainment Inc. | Term Loan | 8/5/2031 | S+200 | |
| MRI Software LLC | 97 | Term Loan | 2/11/2027 | S+550 |
| Schur Flexibles GmbH | 70 | Term Loan | 9/30/2026 | E+950 |
| Mehilainen | 1860 | Term Loan | 8/5/2031 | E+390 |
| Banijay Group Sas | 600 | Term Loan | 12/5/2031 | E+325 |
| Instant Brands Hldg Inc. | 157 | Term Loan | 2/27/2029 | S+800 |
| Qatar Holding LLC | 5000 | Term Loan | 12/15/2027 | |
| Shoes For Crews LLC | 52 | Term Loan | 6/30/2029 | S+700 |
| MedImpact Healthcare Systems Inc | 650 | Delayed-draw Term Loan | 3/31/2028 | S+725 |
| Mehilainen | 1860 | Term Loan | 7/3/2031 | E+350 |
| Phenna Group | 710 | Term Loan | 6/16/2031 | E+375 |
| New Trojan Parent Inc. | 127 | Term Loan | 6/13/2029 | S+900 |
| VetCor | 225 | Delayed-draw Term Loan | 12/3/2029 | S+650 |
| Allwyn Entertainment Financing PLC | 335 | Term Loan | 3/2/2029 | |
| Arab Rep Egypt | 2500 | Term Loan | 11/24/2027 | S+375 |
| team.blue Finco Sarl | 75 | Delayed-draw Term Loan | 7/2/2032 | S+350 |
| team.blue Finco Sarl | 600 | Term Loan | 7/1/2032 | S+325 |
| CP Atlas Buyer Inc. | 1200 | Term Loan | 6/25/2030 | S+525 |
| Securus Technologies Inc. | 25 | Term Loan | 7/31/2025 | S+1159 |
| Tempur Sealy Intl. Inc. | 1496 | Term Loan | 10/24/2031 | S+225 |
| Covanta Energy Corp. | 545 | Term Loan | 11/30/2028 | S+225 |
| Twitter Inc. | 1000 | Term Loan | 6/2/2030 | S+1250 |
| Twitter Inc. | 1000 | Term Loan | 6/2/2030 | S+725 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 6/1/25 – 6/30/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | 1.58% | 90.14 | 88.74 | 13 |
| 2 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | -0.12% | 92.62 | 92.73 | 13 |
| 3 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | -0.69% | 93.95 | 94.60 | 12 |
| 4 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | -0.07% | 99.81 | 99.88 | 17 |
| 5 | 4,479 | TIBCO (USD) TL B S+350 3/30/2029 | -0.14% | 98.79 | 98.94 | 10 |
| 6 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | 0.00% | 98.84 | 98.84 | 11 |
| 7 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | -0.11% | 99.15 | 99.25 | 14 |
| 8 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | 0.96% | 99.79 | 98.84 | 14 |
| 9 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | -0.04% | 99.82 | 99.86 | 18 |
| 10 | 3,859 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | -0.63% | 99.24 | 99.87 | 19 |
| 11 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | -1.07% | 98.95 | 100.02 | 17 |
| 12 | 3,573 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | -16.23% | 83.19 | 99.31 | 17 |
| 13 | 3,566 | AIR MEDICAL (USD) PIK TL B S+550 10/2/2028 | 0.35% | 99.73 | 99.38 | 10 |
| 14 | 3,491 | WESTINGHOUSE (USD) TL B S+250 1/5/2031 | 15.41% | 98.95 | 85.73 | 14 |
| 15 | 3,420 | RCN GRANDE (USD) TL L+325 9/25/2026 | -12.74% | 87.13 | 99.86 | 12 |
| 16 | 3,393 | GENESYS TELECOM (USD) TL B S+250 1/23/2032 | -0.48% | 98.55 | 99.02 | 10 |
| 17 | 3,380 | SOLERA (USD) TL B L+400 6/2/2028 | 12.74% | 96.27 | 85.39 | 18 |
| 18 | 3,340 | PROOFPOINT (USD) TL B S+300 8/31/2028 | 0.53% | 99.33 | 98.80 | 13 |
| 19 | 3,119 | EPICOR SOFTWARE CORP (USD) TL B S+275 5/30/2031 | 4.10% | 99.44 | 95.52 | 14 |
| 20 | 3,100 | ASURION (USD) TL B8 L+325 12/23/2026 | -0.48% | 99.10 | 99.58 | 10 |
| AVERAGE | 3,949 | 0.14% | 96.64 | 96.71 | 13.8 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 6/1/25 – 6/30/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | MICHAELS STORES (USD) TL L+425 4/15/2028 | 19.26% | 83.38 | 69.92 | 11 |
| 2 | FLEETPRIDE (USD) TL B S+450 9/4/2028 | 7.06% | 91.71 | 85.67 | 10 |
| 3 | TRAVEL CORP (USD) TL B S+475 12/16/2031 | 6.53% | 97.51 | 91.54 | 4 |
| 4 | HOUSE OF HR GROUP BV (EUR) TL B E+500 11/3/2029 | 5.81% | 94.13 | 88.97 | 12 |
| 5 | AMERICAN BATH (USD) TL L+375 11/23/2027 | 5.61% | 99.42 | 94.14 | 14 |
| 6 | PLANVIEW (USD) TL B S+350 12/5/2027 | 5.18% | 97.15 | 92.37 | 7 |
| 7 | KIK CUSTOM (USD) TL B S+400 6/26/2031 | 5.01% | 89.38 | 85.11 | 14 |
| 8 | FOUNDATION BUILDING (USD) TL B3 S+525 1/1/2031 | 4.75% | 98.48 | 94.02 | 8 |
| 9 | SHUTTERFLY LLC (USD) 2L TL S+500 10/1/2027 | 4.49% | 92.71 | 88.73 | 8 |
| 10 | KOFAX (USD) TL S+525 7/20/2029 | 4.02% | 90.47 | 86.98 | 10 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 6/1/25 – 6/30/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | AMEDES GROUP (EUR) TL B E+375 10/12/2028 | -8.74% | 88.36 | 96.83 | 10 |
| 2 | COLISEE PATRIMOINE (EUR) TL B E+375 11/30/2027 | -8.52% | 58.07 | 63.48 | 14 |
| 3 | ATNAHS PHARMA UK LTD (EUR) TL B E+425 2/6/2030 | -8.35% | 83.35 | 90.94 | 10 |
| 4 | VIVID SEATS (USD) TL B S+250 2/3/2029 | -7.95% | 86.79 | 94.29 | 4 |
| 5 | TECTUM HOLDINGS INC (USD) TL B L+375 1/31/2028 | -6.46% | 89.33 | 95.50 | 9 |
| 6 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | -6.11% | 83.39 | 88.82 | 17 |
| 7 | SITEL LLC / SITEL FIN CORP (USD) TL B L+375 8/28/2028 | -5.95% | 54.29 | 57.73 | 11 |
| 8 | BBB INDUSTRIES (USD) TL B S+525 7/25/2029 | -5.64% | 85.01 | 90.09 | 10 |
| 9 | LESLIE’S POOLMART (USD) TL B L+275 3/9/2028 | -5.59% | 69.98 | 74.12 | 12 |
| 10 | INTERNET BRANDS (USD) TL B4 S+425 12/11/2031 | -4.31% | 86.64 | 90.54 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/1/25 – 6/30/25 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 6/1/25 – 6/30/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 5/31/24 vs. the month ending 6/30/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | QLIK TECHNOLOGIES (USD) TL B S+325 10/26/2030 | 189 | 315 | 126 | 67% |
| 2 | SCOUT24 (EUR) TL B E+350 10/17/2031 | 158 | 268 | 110 | 70% |
| 3 | ORBITER GROUP (EUR) TL B E+400 10/18/2028 | 118 | 208 | 90 | 76% |
| 4 | EMERSON ELECTRIC CO TL B | 224 | 313 | 89 | 40% |
| 5 | QUIRCH FOODS (USD) TL B L+450 10/27/2027 | 146 | 224 | 78 | 53% |
| 6 | EPIQ SYSTEMS (USD) TL S+425 4/26/2029 | 65 | 143 | 78 | 120% |
| 7 | WRANGLER HOLDCO CORP (USD) TL B S+250 2/4/2032 | 10 | 84 | 74 | 740% |
| 8 | PODS (USD) TL B L+325 3/31/2028 | 221 | 294 | 73 | 33% |
| 9 | US FOODS (USD) TL B S+175 9/26/2031 | 259 | 330 | 71 | 27% |
| 10 | CHAMBERLAIN GROUP (USD) TL B L+350 11/3/2028 | 302 | 372 | 70 | 23% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/1/25 – 6/30/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 20 |
| 2 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 19 |
| 3 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 19 |
| 4 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 18 |
| 5 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 18 |
| 6 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | 18 |
| 7 | BROADSTREET PARTNERS INC (USD) TL B4 S+300 6/16/2031 | 18 |
| 8 | STADA ARZNEIMITTEL (EUR) TL B3 E+400 2/27/2030 | 17 |
| 9 | CEVA SANTE ANIMALE (EUR) TL B E+350 11/30/2030 | 17 |
| 10 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/1/25 – 6/30/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 6/1/25 – 6/30/25 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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