Syndicated Bank Loan Market Summary – May 2025
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Syndicated Bank Loan Market Summary: May 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 5/31/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Dedalus Finance GmbH | 1225 | Term Loan | 5/1/2030 | E+425 |
| United Talent Agency LLC | 928 | Term Loan | 5/28/2032 | S+375 |
| Signature Aviation US Hldg Inc. | 770 | Term Loan | 7/2/2031 | S+275 |
| Boliden AB | 700 | Term Loan | 5/28/2028 | |
| Alvest | 540 | Term Loan | 5/28/2032 | E+375 |
| IMC Financing LLC | 500 | Term Loan | 5/27/2032 | S+375 |
| Focus Financial Partners LLC | 490 | Term Loan | 9/15/2031 | S+275 |
| Scih Salt Hldg Inc. | 325 | Term Loan | 1/31/2029 | S+300 |
| IMA Financial Group | 250 | Term Loan | 11/2/2028 | S+300 |
| Catalina Marketing Corp. | 110 | Term Loan | 4/24/2027 | S+750 |
| Northstar Group Services Inc. | 35 | Term Loan | 5/31/2030 | S+475 |
| Mirion Technologies Inc. | 450 | Term Loan | 6/5/2032 | S+225 |
| Alera Group Holdings Inc. | 1000 | Term Loan | 5/14/2033 | S+550 |
| Alera Group Holdings Inc. | 3060 | Term Loan | 5/14/2032 | S+325 |
| AI Sirona Luxembourg Acquisition Sarl | 1825 | Term Loan | 9/29/2028 | E+500 |
| AI Sirona Luxembourg Acquisition Sarl | 100 | Term Loan | 9/30/2028 | S+400 |
| Orion US Finco | 1300 | Term Loan | 5/12/2032 | S+350 |
| Krispy Kreme Doughnuts Inc. | 110 | Term Loan | 5/2/2030 | |
| Krispy Kreme Doughnuts Inc. | 15 | Term Loan | 5/7/2030 | |
| ONE Hotels GmbH | 907 | Term Loan | 5/2/2032 | E+425 |
| INEOS Styrolution Group GmbH | 435 | Term Loan | 10/7/2031 | E+425 |
| JHCC Holdings LLC | 60 | Delayed-draw Term Loan | 9/9/2025 | S+550 |
| Foncia Groupe | 788 | Term Loan | 3/27/2028 | E+525 |
| Concordia Healthcare Corp. | 165 | Term Loan | 10/17/2031 | E+425 |
| MediaOcean LLC | 350 | Term Loan | 12/15/2028 | S+350 |
| Tetra Technologies Inc. | 250 | Term Loan | 5/5/2028 | S+112.5 |
| Tetra Technologies Inc. | 250 | Term Loan | 5/3/2030 | S+125 |
| Steven Madden LTD. | 300 | Term Loan | 5/6/2030 | S+200 |
| Starz LLC | 300 | Term Loan | 5/7/2030 | S+300 |
| WhiteWater Whistler Holdings LLC | 675 | Term Loan | 5/6/2032 | S+250 |
| Fidelity National Info Services Inc | 8000 | Term Loan | 4/30/2026 | |
| Digitalocean Hldg Inc. | 500 | Delayed-draw Term Loan | 5/5/2030 | S+175 |
| American Airlines Inc. | 800 | Term Loan | 5/6/2032 | S+350 |
| AI Sirona Luxembourg Acquisition Sarl | 600 | Term Loan | 12/1/2030 | S+400 |
| ANTYLIA SCIENTIFIC | 740 | Term Loan | 5/5/2032 | S+400 |
| VSE Corp. | 300 | Term Loan | 5/2/2030 | S+175 |
| Aircastle LTD | 600 | Term Loan | 4/28/2030 | S+140 |
| Beacon Roofing Supply Inc. | 2000 | Term Loan | 5/20/2028 | S+325 |
| Saudi Arabia, Kingdom of | 110 | Term Loan | 10/1/2033 | S+100 |
| Sultanate of Oman | 4000 | Term Loan | 3/21/2029 | L+350 |
| WM Morrison Supermarkets PLC | 1000 | Revolving Credit | 8/5/2027 | SN+400 |
| Exclusive Group | 315 | Term Loan | 7/16/2026 | E+300 |
| Ghana, Republic of | Delayed-draw Term Loan | 2/15/2052 | ||
| Ammeraal Beltech Holding BV | 79 | Term Loan | 12/30/2028 | S+500 |
| Praesidiad | 125 | Term Loan | 9/1/2027 | E+700 |
| Praesidiad | 301 | Term Loan | 12/1/2027 | E+25 |
| Employbridge LLC | 650 | Term Loan | 1/20/2030 | S+475 |
| Heidtman Steel Products Inc. | 60 | Term Loan |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 5/1/25 – 5/31/25
| 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 5/1/25 – 5/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | ACPRODUCTS HLDGS INC (USD) TL B L+425 5/17/2028 | 10.37% | 73.64 | 66.73 | 10 |
| 2 | OLAPLEX (USD) TL B S+375 2/23/2029 | 10.06% | 95.58 | 86.84 | 11 |
| 3 | OMNI LOGISTICS (USD) TL B S+400 9/20/2030 | 9.13% | 98.08 | 89.88 | 12 |
| 4 | LESLIE’S POOLMART (USD) TL B L+275 3/9/2028 | 8.53% | 74.12 | 68.30 | 13 |
| 5 | LEAF HOME SOLUTIONS (USD) TL S+475 2/16/2029 | 8.06% | 93.91 | 86.91 | 7 |
| 6 | JETBLUE AIRWAYS CORP (USD) TL B S+475 8/27/2029 | 7.38% | 97.15 | 90.47 | 9 |
| 7 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | 6.77% | 88.82 | 83.19 | 17 |
| 8 | THE NIELSEN COMPANY B.V. (USD) TL A S+475 10/11/2028 | 6.65% | 93.27 | 87.45 | 7 |
| 9 | PETCO (USD) TL B L+325 3/3/2028 | 6.30% | 92.41 | 86.94 | 15 |
| 10 | RV RETAILER (USD) TL B S+375 2/2/2028 | 6.25% | 92.00 | 86.59 | 11 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 5/1/25 – 5/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | FNZ UK FINCO LTD (USD) TL B S+500 11/5/2031 | -15.35% | 75.75 | 89.49 | 8 |
| 2 | RINCHEM (USD) TL S+450 3/2/2029 | -15.16% | 66.00 | 77.80 | 10 |
| 3 | INTERIOR LOGIC (USD) TL B L+350 4/3/2028 | -12.45% | 67.31 | 76.87 | 10 |
| 4 | RED VENTURES (USD) TL B S+275 3/3/2030 | -10.58% | 86.58 | 96.83 | 7 |
| 5 | BRAND INDL SERVS INC (USD) TL B S+450 8/1/2030 | -8.28% | 84.56 | 92.19 | 14 |
| 6 | POWER BUYER (USD) TL S+450 2/7/2031 | -8.23% | 87.22 | 95.04 | 7 |
| 7 | OLDCASTLE (USD) TL B S+425 4/29/2029 | -5.72% | 89.97 | 95.42 | 15 |
| 8 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | -5.23% | 83.01 | 87.58 | 10 |
| 9 | JELD-WEN (USD) TL B S+200 7/28/2028 | -4.37% | 92.93 | 97.18 | 9 |
| 10 | VET INTERMEDIATE (USD) TL B S+500 9/19/2029 | -4.29% | 89.74 | 93.76 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/1/25 – 5/31/25 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 5/1/25 – 5/31/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 4/30/24 vs. the month ending 5/31/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BETCLIC (EUR) TL B E+375 12/5/2031 | 38 | 204 | 166 | 437% |
| 2 | FOUNDATION BUILDING (USD) TL B1 L+325 1/31/2028 | 210 | 361 | 151 | 72% |
| 3 | CERBA HEALTHCARE (EUR) TL C E+400 2/16/2029 | 52 | 199 | 147 | 283% |
| 4 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 379 | 516 | 137 | 36% |
| 5 | HARBOR FREIGHT (USD) TL B S+250 6/5/2031 | 245 | 368 | 123 | 50% |
| 6 | ENDO FIN HLDGS INC (USD) TL S+400 4/23/2031 | 84 | 206 | 122 | 145% |
| 7 | SHEARERS (USD) TL B S+325 2/12/2031 | 214 | 335 | 121 | 57% |
| 8 | GALILEO GLOBAL EDUCATION (EUR) TL B E+325 7/31/2031 | 14 | 135 | 121 | 864% |
| 9 | ORBITER GROUP (EUR) TL B E+400 10/18/2028 | 2 | 118 | 116 | 5800% |
| 10 | IGT HOLDING (EUR) TL B6 E+350 8/31/2031 | 2 | 112 | 110 | 5500% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/1/25 – 5/31/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 19 |
| 2 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 19 |
| 3 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 19 |
| 4 | CEVA SANTE ANIMALE (EUR) TL B E+350 11/30/2030 | 18 |
| 5 | ZIGGO (EUR) TL H E+300 1/17/2029 | 17 |
| 6 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 17 |
| 7 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | 17 |
| 8 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | 17 |
| 9 | BROADSTREET PARTNERS INC (USD) TL B4 S+300 6/16/2031 | 17 |
| 10 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/1/25 – 5/31/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/1/25 – 5/31/25 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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