Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
April 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 4/30/24

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Thryv Inc. 350 Term Loan 4/5/2029 S+675
Nouryon 744 Term Loan 4/1/2028 S+350
Nouryon 650 Term Loan 4/1/2028 S+350
Tronox Inc. 741 Term Loan 4/4/2029 S+275
GVC Holdings PLC 1740 Term Loan 10/1/2029 S+275
Asplundh Tree Expert LLC 1000 Term Loan 4/24/2031 S+175
House of HR 1299 Term Loan 11/1/2029 E+500
Pointclickcare Technologies Inc. 437 Term Loan 12/1/2027 S+300
Modena Buyer LLC 2600 Term Loan 4/2/2031 S+450
Kindercare Learning Ctrs Inc. 792 Term Loan 6/12/2030 S+450
Carnival Corp. 1748 Term Loan 4/16/2028 S+275
Carnival Corp. 1000 Term Loan 4/16/2027 S+275
Franklin Square 700 Term Loan 4/15/2031 S+225
Cedar Fair LP 1000 Term Loan 4/11/2031 S+200
Infoblox Inc. 1690 Term Loan 12/1/2029
Infoblox Inc. 455 Term Loan 12/1/2030 S+600
United Natural Foods Inc. 500 Term Loan 4/16/2031 S+475
Trace3 LLC 225 Term Loan 10/8/2028 S+425
Press Ganey LLC 1825 Term Loan 4/30/2031 S+350
Les Schwab Tire 1918 Term Loan 4/15/2031 S+325
LS Group Opco Acquistion LLC 1918 Term Loan S+300
SSH Group Hldg Inc. 848 Term Loan 10/1/2030 S+400
City Brewing Company LLC 292 Term Loan 4/5/2028 S+350
Utz Quality Foods 630 Term Loan 1/20/2028 S+275
Savage Enterprises LLC 275 Term Loan 9/1/2028 S+325
SUSE 673 Term Loan 11/1/2030 S+400
Buyers Edge Platform LLC 560 Term Loan 4/4/2031 S+375
Anticimex Intl. 367 Term Loan 11/1/2028 S+350
Advantage Sales & Marketing Inc. 1146 Term Loan 10/28/2027 S+425
Endo Pharmaceuticals Hldg Inc. 1500 Term Loan 4/9/2031 S+450
Endo Luxembourg Finance I Co. Sarl 1500 Term Loan 4/1/2031 S+450
ECL Entertainment LLC 379 Term Loan 8/1/2030 S+425
ECL Entertainment LLC 61 Term Loan 8/1/2030 S+400
DaVita Inc. 1640 Term Loan 4/11/2031 S+200
AmaWaterways 525 Term Loan 4/2/2031 S+350
Radnet Mgmt Inc. 875 Term Loan 4/3/2031 S+250
Samsonite Intl. SA 500 Term Loan S+200
VC GB Holdings Inc 275 Term Loan 7/1/2028 S+350
Brand Energy & Infra Services 1428 Term Loan 8/1/2030 S+500
American Greetings Corp. 800 Term Loan 10/31/2029 S+575
Lumen Technologies Inc. 1629 Term Loan 4/16/2029 S+235
Lumen Technologies Inc. 1629 Term Loan 4/15/2030 S+235
Veeam Software 2000 Term Loan 4/1/2031 S+325
Restaurant Brands Intl. Inc. 750 Term Loan 9/21/2030 S+225
RHP Hotel Properties 295 Term Loan 5/18/2030 S+225
MyEyeDR. Inc. 1400 Term Loan 3/26/2031 S+400
Herbalife LTD 400 Term Loan 3/22/2029 S+675
Genesee & Wyoming Inc. 2725 Term Loan 3/26/2031 S+200

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 4/1/24 – 4/30/24

RANK SIZE (MM) NAME CHANGE PRC PRC-1M DEALERS
1 8,572 GEO GROUP TL1 -1.19% 101.27 102.49 11
2 6,143 MEDLINE TL B -0.01% 100.23 100.24 14
3 5,385 ULTIMATE SOFTWARE TL B 0.01% 100.47 100.46 15
4 4,860 HUB INTL LTD TL B 0.43% 100.48 100.05 16
5 4,750 ZAYO TL -0.96% 86.72 87.56 14
6 4,741 INTERNET BRANDS TL B 0.27% 99.59 99.32 13
7 4,525 TRANSDIGM INC. TL I 0.17% 100.48 100.31 17
8 4,260 NUMERICABLE TL B14 -7.19% 74.46 80.23 12
9 4,050 CITRIX TL B 0.52% 99.97 99.46 13
10 3,900 DIRECTV TL 0.12% 100.46 100.33 17
11 3,580 CDK GLOBAL TL B 0.06% 100.38 100.32 16
12 3,500 AMERICAN AIRLINES TL B 0.13% 103.95 103.82 14
13 3,500 SEDGWICK TL B 0.22% 100.37 100.15 10
14 3,500 WESTINGHOUSE TL B 0.20% 100.05 99.85 16
15 3,420 RCN GRANDE TL -3.71% 80.08 83.16 13
16 3,380 SOLERA TL B 0.23% 99.24 99.02 16
17 3,300 NTL CABLE PLC TL N -0.36% 98.07 98.43 13
18 3,242 GOLDEN NUGGET INC TL B -0.04% 100.18 100.21 12
19 3,175 MAGENTA BUYER LLC TL -15.98% 50.20 59.74 10
20 3,100 ASURION TL B8 -0.10% 97.71 97.81 10
AVERAGE 4,244 -1.36% 94.72 95.65 13.6

Top 10 Outperformers

Showcases the top 10 loan “outperformers” based on the largest bid price increases between 4/1/24 – 4/30/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 ASTRA ACQUISITION CORP TL B 43.81% 58.03 40.35 9
2 BAUSCH HEALTH COMPANIES INC. TL B 15.18% 89.59 77.78 11
3 LUMILEDS EXIT TL 13.72% 28.31 24.90 9
4 ELECTRONICS FOR IMAGING TL 12.22% 84.55 75.34 10
5 CPV SHORE TL B 7.86% 91.08 84.44 7
6 NATIONAL MENTOR TL 6.82% 86.56 81.04 5
7 CARESTREAM HEALTH TL B 5.54% 89.71 85.00 7
8 HALO BUYER TL 5.08% 75.42 71.77 5
9 ACCELERATED HEALTH SYSTEMS LLC TL B 4.89% 77.75 74.12 9
10 ANVIL INTERNATIONAL 2ND LIEN TL 4.46% 88.01 84.25 5

Top 10 Underperformers

Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 4/1/24 – 4/30/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 LIFESCAN TL B -39.36% 36.46 60.12 9
2 MAGENTA BUYER LLC TL -15.98% 50.20 59.74 10
3 MOLD-RITE TL -14.01% 64.83 75.39 9
4 EOS US FINCO LLC TL B -13.88% 71.00 82.44 9
5 SKILLSOFT TL B -11.54% 78.85 89.14 8
6 SITEL LLC / SITEL FIN CORP TL B -10.04% 76.79 85.36 10
7 CBS RADIO INC TL B -8.37% 52.46 57.25 9
8 SCIONHEALTH TL B -8.04% 39.32 42.76 3
9 SPRINGS WINDOW TL B -7.92% 84.46 91.73 11
10 RUNNER BUYER TL B -7.84% 69.78 75.72 10

Avg Bid PX by Sector

Displays the average loan bid price by sector between 4/1/24 – 4/30/24

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 4/1/24 – 4/30/24

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 3/31/23 vs. the month ending 4/30/24

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 GOLDEN NUGGET INC TL B 161 361 200 124%
2 AXALTA COATING SYSTEMS TL B6 79 256 177 224%
3 CALPINE CORP TL B9 300 460 160 53%
4 UNIVAR TL B 8 164 156 1950%
5 CLEAR CHANNEL OUTDOOR TL B 118 271 153 130%
6 NORTHRIVER MIDSTREAM TL B 16 158 142 888%
7 APPLIED SYSTEMS TL B 278 412 134 48%
8 SITEL LLC / SITEL FIN CORP TL B 199 332 133 67%
9 NAVACORD CAD TL B 42 171 129 307%
10 TENNECO TL B 414 540 126 30%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 4/1/24 – 4/30/24

RANK TRANCHE DEALERS
1 TRANSDIGM INC. TL J 18
2 ALKEGEN TL B 18
3 FRONERI TL B 18
4 TENNECO TL B 18
5 KLOECKNER EUR TL B 17
6 DIRECTV TL 17
7 BERRY PLASTICS TL 17
8 BMC SOFTWARE TL B 17
9 TRANSDIGM INC. TL I 17
10 DELTA SKYMILES TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 4/1/24 – 4/30/24

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 4/1/24 – 4/30/24

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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