Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
March 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 3/31/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Epic Staffing | 426 | Term Loan | 6/28/2029 | S+600 |
| Shift4 Payments LLC | 1000 | Term Loan | ||
| Invitation Homes | 575 | Delayed-draw Term Loan | 4/28/2028 | S+85 |
| Invitation Homes | 150 | Term Loan | 4/28/2028 | S+85 |
| EnsembleIQ Inc. | 800 | Term Loan | 8/1/2029 | S+300 |
| Ensemble RCM LLC | 800 | Term Loan | 8/2/2029 | S+300 |
| Conagra Brands Inc. | 200 | Term Loan | 10/29/2025 | S+87.5 |
| Conagra Brands Inc. | 300 | Term Loan | 10/30/2025 | S+87.5 |
| CBL & Associates Properties Inc. | 668 | Term Loan | 11/1/2026 | |
| BCP V Modular Services Finance PLC | 350 | Revolving Credit | 6/13/2028 | E+450 |
| Synchronoss Technologies Inc. | 200 | Term Loan | 4/24/2029 | S+700 |
| Realty Income Corp. | 380 | Delayed-draw Term Loan | 4/29/2028 | |
| Invenergy Thermal Operating I LLC | 50 | Term Loan | 4/29/2032 | S+375 |
| Invenergy Thermal Operating I LLC | 725 | Term Loan | 4/28/2032 | S+375 |
| Foundation Building Materials LLC | 350 | Term Loan | 1/29/2031 | S+525 |
| Westinghouse Air Brake Technologies Corp. | 725 | Delayed-draw Term Loan | 4/23/2030 | S+250 |
| PVH Corp. | 450 | Delayed-draw Term Loan | 4/3/2026 | S+112.5 |
| Madison Square Garden | 210 | Term Loan | 12/1/2029 | S+500 |
| XPO Logistics Inc. | 700 | Term Loan | 5/10/2028 | S+175 |
| Ascend Performance Materials LLC | 2005 | Term Loan | 12/11/2028 | S+350 |
| Employbridge LLC | Term Loan | S+550 | ||
| Employbridge LLC | 650 | Term Loan | 1/19/2030 | S+475 |
| Akbank TAS | 244 | Term Loan | 4/19/2026 | E+135 |
| Doncasters PLC | Term Loan | 3/6/2028 | ||
| Doha Bank | 340 | Term Loan | 12/12/2027 | S+80 |
| X Corp | 1225 | Term Loan | 10/27/2029 | S+950 |
| KB Home | 310 | Term Loan | 8/25/2026 | |
| Flora Food Mgmt BV | 2191 | Term Loan | 1/3/2028 | E+400 |
| Socotec SA | 955 | Term Loan | 6/2/2028 | E+325 |
| Safic – Alcan SA | 470 | Term Loan | 6/27/2029 | E+350 |
| Arcis Golf | 45 | Delayed-draw Term Loan | 11/24/2028 | S+275 |
| Arcis Golf | 155 | Term Loan | 11/25/2028 | S+275 |
| Amedisys Inc. | 550 | Revolving Credit | 7/30/2027 | S+200 |
| Amedisys Inc. | 450 | Term Loan | 7/30/2027 | S+200 |
| Kantar Group | 578 | Term Loan | 3/6/2032 | E+425 |
| Vistajet Malta Finance PLC | 700 | Term Loan | 4/1/2031 | S+375 |
| Redhalo Midco | 880 | Term Loan | 3/4/2031 | E+375 |
| OXEA SARL | 395 | Term Loan | 1/4/2030 | E+425 |
| GFL Environmental Inc. | 2100 | Term Loan | 2/4/2032 | S+250 |
| Opry Entertainment Group (OEG Borrower LLC) | 130 | Term Loan | 6/30/2031 | S+350 |
| Umami Sustainable Seafood Inc. | 184 | Term Loan | 12/11/2031 | |
| Arvos Holding | 13 | Term Loan | 11/29/2027 | E+550 |
| Africa Finance Corp. | 400 | Term Loan | 12/31/2027 | |
| Partner in Pet Food | 35 | Term Loan | 7/23/2025 | S+400 |
| Redhalo Midco | 880 | Term Loan | 3/24/2031 | E+375 |
| Sisaho International | 300 | Term Loan | 11/16/2028 | E+375 |
| Accell Group NV | 167 | Term Loan | 5/31/2030 | E+700 |
| Accell Group NV | 130 | Term Loan | 6/30/2031 | E+700 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 3/1/25 – 3/31/25
| 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 3/1/25 – 3/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | DUPAGE MEDICAL GROUP (USD) TL B L+325 3/12/2028 | 7.24% | 91.45 | 85.28 | 8 |
| 2 | CARDENAS MARKETS (USD) TL B S+675 8/1/2029 | 4.43% | 89.53 | 85.74 | 14 |
| 3 | CORNERSTONE BLDG BRANDS INC (USD) TL L+325 4/12/2028 | 4.09% | 87.11 | 83.68 | 14 |
| 4 | DAVE & BUSTER’S (USD) TL B S+325 9/26/2031 | 3.75% | 91.92 | 88.60 | 13 |
| 5 | MULTI-COLOR (USD) TL B L+500 10/29/2028 | 3.55% | 85.91 | 82.97 | 15 |
| 6 | LEAF HOME SOLUTIONS (USD) TL S+475 2/16/2029 | 3.38% | 86.91 | 84.06 | 7 |
| 7 | CLUB CAR (USD) TL L+400 6/1/2028 | 2.57% | 92.80 | 90.47 | 11 |
| 8 | OSCAR ACQUISITIONCO LLC (USD) TL B S+425 4/29/2029 | 2.29% | 95.42 | 93.29 | 15 |
| 9 | AMENTUM GOVERNMENT SERVICES HOLDINGS (USD) TL B S+225 7/30/2031 | 2.17% | 98.69 | 96.59 | 7 |
| 10 | RCN GRANDE (USD) TL L+325 9/25/2026 | 2.04% | 87.13 | 85.39 | 12 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 3/1/25 – 3/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | TROPICANA (USD) TL S+325 1/24/2029 | -38.35% | 32.16 | 52.16 | 12 |
| 2 | CONAIR HLDGS LLC (USD) TL L+375 5/17/2028 | -34.18% | 56.31 | 85.55 | 12 |
| 3 | MICHAELS STORES (USD) TL L+425 4/15/2028 | -25.11% | 55.00 | 73.43 | 15 |
| 4 | RACKSPACE FIN LLC (USD) TL B S+275 5/15/2028 | -14.09% | 40.07 | 46.64 | 15 |
| 5 | UPSTREAM REHABILITATION (USD) TL L+425 11/20/2026 | -13.08% | 71.48 | 82.24 | 12 |
| 6 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | -8.94% | 87.58 | 96.18 | 11 |
| 7 | POLYCONCEPT (USD) TL B S+550 5/18/2029 | -8.89% | 85.96 | 94.34 | 7 |
| 8 | ELECTRONICS FOR IMAGING (USD) TL L+500 7/23/2026 | -8.47% | 74.47 | 81.36 | 10 |
| 9 | INEOS STYROLUTION GROUP GMBH (EUR) TL B E+425 10/7/2031 | -8.23% | 89.32 | 97.32 | 9 |
| 10 | PARTS AUTHORITY (USD) TL L+350 10/28/2027 | -7.88% | 76.92 | 83.50 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/1/25 – 3/31/25
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 3/1/25 – 3/31/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 2/28/24 vs. the month ending 3/31/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
| 1 | STONEPEAK NILE PARENT LLC (USD) TL B S+275 1/29/2032 | 26 | 169 | 143 | 550% |
| 2 | ACCESS CIG (USD) TL S+425 8/18/2028 | 98 | 202 | 104 | 106% |
| 3 | MADISON SAFETY & FLOW (USD) TL B S+275 9/26/2031 | 50 | 137 | 87 | 174% |
| 4 | BLOUNT (USD) TL S+535 10/15/2029 | 8 | 92 | 84 | 1050% |
| 5 | TRENCH GROUP SAS (EUR) TL B S+375 2/9/2032 | 28 | 102 | 74 | 264% |
| 6 | DRAFTKINGS INC (USD) TL B S+175 2/24/2032 | 50 | 116 | 66 | 132% |
| 7 | DODGE DATA (USD) TL A S+625 1/31/2029 | 4 | 70 | 66 | 1650% |
| 8 | NOVELIS CORP (USD) TL B S+200 2/25/2032 | 118 | 183 | 65 | 55% |
| 9 | UNIVAR (EUR) TL B E+275 8/1/2030 | 28 | 91 | 63 | 225% |
| 10 | BCPE EMPIRE TOPCO INC (USD) TL B S+325 12/9/2030 | 177 | 239 | 62 | 35% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/1/25 – 3/31/25
| RANK | TRANCHE | DEALERS |
| 1 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | 20 |
| 2 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 19 |
| 3 | ROCKET SOFTWARE INC (USD) TL B S+425 11/28/2028 | 19 |
| 4 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 19 |
| 5 | FRONERI (USD) TL B S+200 9/16/2031 | 18 |
| 6 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 18 |
| 7 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 18 |
| 8 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 18 |
| 9 | SOLERA (USD) TL B L+400 6/2/2028 | 18 |
| 10 | ELANCO ANIMAL HEALTH INC (USD) TL B L+175 8/1/2027 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/1/25 – 3/31/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/1/25 – 3/31/25
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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