Syndicated Bank Loan Market Summary – September 2024
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Syndicated Bank Loan Market Summary:september 2024
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 9/30/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Uber Technologies Inc. | 5000 | Revolving Credit | 9/26/2029 | S+100 |
| US Foods Inc. | 725 | Term Loan | 9/20/2031 | S+175 |
| Thunder Genration Funding LLC | 1650 | Term Loan | 9/18/2031 | S+300 |
| Interstate Waste Services Inc. | 926 | Term Loan | 10/1/2030 | S+375 |
| Element Solutions Inc. | 1044 | Term Loan | 12/19/2030 | S+175 |
| DXP Enterprises Inc. | 651 | Term Loan | 10/1/2030 | S+375 |
| Covanta Holding Corp. | 549 | Term Loan | 11/2/2028 | S+250 |
| Covanta Energy Corp. | 30 | Term Loan | 11/1/2028 | S+250 |
| Blackstone CQP Holdco LP | 2200 | Term Loan | 12/31/2030 | S+225 |
| Miter Brands Acquisition | 1654 | Term Loan | 3/28/2031 | S+300 |
| Hertz Corp. | 1255 | Revolving Credit | 9/26/2024 | S+350 |
| Genesys SA | 3402 | Term Loan | 12/3/2027 | S+300 |
| Genesys SA | 536 | Term Loan | 12/1/2027 | E+375 |
| Northriver Midstream Finance LP | 810 | Term Loan | 8/1/2030 | S+225 |
| Innomotics | 560 | Term Loan | 9/16/2031 | S+400 |
| UNIVAR SOLUTIONS INC | 870 | Term Loan | 9/21/2030 | E+375 |
| MSHC Inc | 1225 | Term Loan | 10/30/2027 | S+375 |
| AVS Group GmbH | 995 | Term Loan | 12/10/2029 | E+450 |
| RR Donnelley & Sons Co. | 775 | Term Loan | 8/8/2029 | S+475 |
| McAfee Inc. | 1065 | Term Loan | 7/27/2028 | S+700 |
| McAfee Inc. | 1575 | Term Loan | 7/27/2028 | S+675 |
| Refresco Group B.V. | 400 | Term Loan | 7/12/2029 | S+350 |
| Dragon Buyer, Inc | 1000 | Term Loan | 9/13/2031 | S+325 |
| DFMG Holding GMBH | 1550 | Term Loan | 2/22/2030 | E+400 |
| GC Waves Hldgs Inc. | 857 | Term Loan | 8/10/2029 | S+525 |
| Ingram Micro Inc. | 1160 | Term Loan | 9/16/2031 | S+275 |
| Element Materials Technology Group | 370 | Term Loan | 6/30/2029 | S+400 |
| Auris Luxembourg III SA | 1085 | Term Loan | 3/1/2029 | S+375 |
| Auris Luxembourg III SA | 1900 | Term Loan | 2/28/2029 | E+400 |
| BlueHalo | 532 | Term Loan | 10/31/2025 | S+500 |
| CC SAG Holdings Corp | 545 | Term Loan | 6/29/2028 | |
| Tricor Group (Thevelia (US) LLC) | 1360 | Term Loan | 6/12/2029 | H+400 |
| Univar Inc. | 2740 | Term Loan | 8/31/2030 | S+350 |
| Third Coast Midstream | 925 | Term Loan | 9/3/2030 | S+425 |
| Tacala LLC | 723 | Term Loan | S+350 | |
| Element Materials Technology Group | 1400 | Term Loan | 6/30/2029 | S+400 |
| Element Materials Technology Group | 370 | Term Loan | 7/6/2029 | S+400 |
| ECI Software | 1010 | Term Loan | 5/9/2030 | S+325 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 9/1/24 – 9/30/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,143 | MEDLINE TL B | -0.23% | 99.97 | 100.20 | 16 |
| 2 | 5,385 | ULTIMATE SOFTWARE TL B | -0.23% | 99.98 | 100.21 | 17 |
| 3 | 5,098 | HUB INTL LTD TL B | -0.22% | 99.82 | 100.03 | 18 |
| 4 | 4,750 | ZAYO TL | -0.80% | 91.16 | 91.90 | 15 |
| 5 | 4,741 | INTERNET BRANDS TL B | -0.39% | 99.32 | 99.71 | 15 |
| 6 | 4,525 | TRANSDIGM INC. TL I | -0.45% | 99.96 | 100.41 | 17 |
| 7 | 4,237 | INSPIRE BRANDS TL | -0.25% | 99.84 | 100.09 | 14 |
| 8 | 3,900 | DIRECTV HLDGS LLC / DIRECTV TL | -0.32% | 99.93 | 100.25 | 16 |
| 9 | 3,859 | ALLIANT HLDGS I INC TL B | -1.04% | 99.43 | 100.47 | 15 |
| 10 | 3,640 | TRANSDIGM INC. TL J | -0.53% | 99.57 | 100.10 | 17 |
| 11 | 3,573 | CDK GLOBAL TL B | -1.21% | 98.89 | 100.10 | 17 |
| 12 | 3,500 | WESTINGHOUSE TL B | 1.21% | 99.96 | 98.76 | 15 |
| 13 | 3,500 | AMERICAN AIRLINES TL B | 2.64% | 102.72 | 100.07 | 13 |
| 14 | 3,420 | RCN GRANDE TL | -17.25% | 85.53 | 103.36 | 12 |
| 15 | 3,380 | SOLERA TL B | 21.55% | 98.26 | 80.84 | 16 |
| 16 | 3,340 | PROOFPOINT TL B | 0.83% | 99.95 | 99.13 | 14 |
| 17 | 3,340 | PROOFPOINT TL B | -0.07% | 99.95 | 100.03 | 14 |
| 18 | 3,300 | NTL CABLE PLC TL N | -4.44% | 95.59 | 100.03 | 12 |
| 19 | 3,250 | CORELOGIC TL B | 2.39% | 98.87 | 96.56 | 10 |
| 20 | 3,242 | GOLDEN NUGGET INC TL B | 0.91% | 99.60 | 98.70 | 16 |
| AVERAGE | 4,006 | 0.11% | 98.42 | 98.55 | 15.0 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 9/1/24 – 9/30/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | ELECTRONICS FOR IMAGING TL | 11.30% | 87.76 | 78.85 | 10 |
| 2 | ACPRODUCTS TL B | 10.99% | 83.29 | 75.04 | 11 |
| 3 | CABLEVISION TL B5 | 8.40% | 91.28 | 84.20 | 10 |
| 4 | SPRINGS WINDOW TL B | 5.22% | 81.52 | 77.47 | 9 |
| 5 | FONCIA GROUPE EUR TL B | 5.04% | 91.67 | 87.27 | 12 |
| 6 | EW SCRIPPS EXT TL B3 | 4.77% | 88.97 | 84.92 | 10 |
| 7 | VERIZON TL B2 | 4.75% | 91.27 | 87.13 | 9 |
| 8 | LERETA TL B | 4.41% | 80.00 | 76.62 | 10 |
| 9 | RESTORATION HARDWARE TL B | 4.39% | 96.07 | 92.03 | 8 |
| 10 | IHEART TL B | 3.76% | 86.29 | 83.16 | 9 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 9/1/24 – 9/30/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | TROPICANA 2ND LIEN TL | -17.91% | 60.63 | 73.86 | 12 |
| 2 | AMERICAN TIRE TL B | -11.69% | 60.05 | 68.00 | 12 |
| 3 | WEST CORP TL B3 | -6.78% | 88.41 | 94.84 | 9 |
| 4 | WORLDLINE EUR TL | -6.46% | 76.63 | 81.92 | 13 |
| 5 | TROPICANA TL | -6.43% | 81.65 | 87.26 | 15 |
| 6 | COLISEE PATRIMOINE EUR TL B | -5.54% | 91.25 | 96.60 | 14 |
| 7 | ASCEND PERFORMANCE MATERIALS TL B | -4.98% | 92.11 | 96.94 | 10 |
| 8 | UPSTREAM REHABILITATION TL | -4.34% | 86.50 | 90.42 | 14 |
| 9 | NEW FORTRESS ENERGY TL B | -4.15% | 89.57 | 93.45 | 11 |
| 10 | FLEETPRIDE TL B | -3.86% | 94.11 | 97.88 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/1/24 – 9/30/24 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 9/1/24 – 9/30/24
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 8/31/23 vs. the month ending 9/30/24
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | APPLIED SYSTEMS TL | 16 | 270 | 254 | 1588% |
| 2 | MCGRAW-HILL GLOBAL TL B | 58 | 261 | 203 | 350% |
| 3 | BMC SOFTWARE TL | 381 | 569 | 188 | 49% |
| 4 | CONSTELLATION RENEWABLES TL B | 66 | 254 | 188 | 285% |
| 5 | CEPSA/MATADOR TL B | 49 | 236 | 187 | 382% |
| 6 | MITCHELL TL B | 230 | 403 | 173 | 75% |
| 7 | DIRECTV HLDGS LLC / DIRECTV EXT TL B | 261 | 434 | 173 | 66% |
| 8 | GRAHAM PACKAGING TL B | 291 | 462 | 171 | 59% |
| 9 | SITEL LLC / SITEL FIN CORP EUR TL B | 67 | 238 | 171 | 255% |
| 10 | PQ CORP TL B | 115 | 272 | 157 | 137% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/1/24 – 9/30/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | BMC SOFTWARE TL | 20 |
| 2 | TRANSDIGM INC. TL K | 18 |
| 3 | HUB INTL LTD TL B | 18 |
| 4 | INTERTAPE POLYMER US INC TL | 18 |
| 5 | TRANSDIGM INC. TL I | 17 |
| 6 | HILEX POLY TL B | 17 |
| 7 | ULTIMATE SOFTWARE TL B | 17 |
| 8 | TRANSDIGM INC. TL J | 17 |
| 9 | CDK GLOBAL TL B | 17 |
| 10 | EPICOR SOFTWARE TL | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/1/24 – 9/30/24
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/1/24 – 9/30/24 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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