Syndicated Bank Loan Market Summary – August 2024
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Syndicated Bank Loan Market Summary:August 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 8/31/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Del Monte Foods Co. | 236 | Term Loan | 8/2/2028 | S+800 |
| Sirva Worldwide | 43 | Delayed-draw Term Loan | 3/6/2026 | S+800 |
| Gannett Co. Inc | 226 | Delayed-draw Term Loan | 8/26/2029 | S+500 |
| Gannett Co. Inc | 674 | Term Loan | 8/26/2029 | S+500 |
| Sirva Worldwide | 40 | Delayed-draw Term Loan | 2/20/2029 | S+800 |
| Sirva Worldwide | 84 | Term Loan | 8/20/2029 | |
| Adtalem Global Education Inc. | 253 | Term Loan | 8/11/2028 | S+275 |
| Vishay Precision Group Inc. | 75 | Revolving Credit | 8/15/2029 | S+175 |
| Mehilainen | 615 | Term Loan | 7/23/2031 | E+400 |
| Berry Global Group Inc | 1550 | Term Loan | 7/1/2029 | S+175 |
| South Field Energy LLC | 46 | Term Loan | 8/6/2031 | S+375 |
| South Field Energy LLC | 750 | Term Loan | 8/6/2031 | S+375 |
| Tait Inc. | 465 | Term Loan | 7/31/2031 | S+450 |
| Summit Materials LLC | 1007 | Term Loan | 1/12/2029 | S+172 |
| Midcontinent Communications | 650 | Term Loan | 7/31/2031 | S+250 |
| Arcosa Inc. | 700 | Term Loan | 8/6/2031 | S+225 |
| Apex Group Treasury LLC | Term Loan | 7/29/2028 | S+425 | |
| Lackawanna Energy Center LLC | 376 | Term Loan | 8/1/2029 | S+425 |
| JetBlue Airways Corp. | 1250 | Term Loan | 8/12/2029 | S+550 |
| Highline Aftermarket Acquisition LLC | 803 | Term Loan | 11/9/2027 | S+400 |
| CPV Fairview LLC | 550 | Term Loan | 8/8/2031 | S+350 |
| Pushpay USA Inc. | 410 | Term Loan | 7/29/2031 | S+450 |
| Walgreens Boots Alliance Inc. | 1000 | Delayed-draw Term Loan | 8/9/2026 | S+150 |
| KBR Inc. | 998 | Term Loan | 1/19/2031 | S+200 |
| CPV Fairview LLC | 550 | Term Loan | 8/14/2031 | S+350 |
| Lightning Power LLC | 1750 | Term Loan | 8/16/2031 | S+325 |
| Highline Warren LLC | 803 | Term Loan | 11/1/2027 | S+400 |
| Ammega Group B.V | 250 | Term Loan | 12/30/2028 | S+475 |
| Acuren | 775 | Term Loan | 7/24/2031 | S+350 |
| Pro Mach Group Inc. | 2210 | Term Loan | 8/31/2028 | S+350 |
| Amazon.com Inc. | 3750 | Term Loan | 7/30/2031 | S+225 |
| Perficient Inc. | 935 | Term Loan | 7/22/2031 | S+350 |
| Newell Brands Inc | 1000 | Revolving Credit | 8/31/2027 | S+150 |
| Kenan Advantage Group Inc. | 1477 | Term Loan | 1/25/2029 | S+325 |
| Kenan Advantage Group Inc. | 45 | Term Loan | 1/25/2029 | S+325 |
| Varsity Brands Inc. | 2375 | Term Loan | 7/28/2031 | S+425 |
| Austin Powder Hldgs Co. | 650 | Term Loan | 7/22/2031 | S+325 |
| Alliance Laundry Systems LLC | 2075 | Term Loan | 8/1/2031 | S+325 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 8/1/24 – 8/31/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,143 | MEDLINE TL B | 0.11% | 100.28 | 100.16 | 16 |
| 2 | 5,385 | ULTIMATE SOFTWARE TL B | -0.06% | 100.28 | 100.35 | 16 |
| 3 | 5,098 | HUB INTL LTD TL B | -0.15% | 100.08 | 100.23 | 12 |
| 4 | 4,860 | HUB INTL LTD TL B | 15.29% | 100.09 | 86.82 | 16 |
| 5 | 4,750 | ZAYO TL | -10.88% | 89.01 | 99.88 | 16 |
| 6 | 4,741 | INTERNET BRANDS TL B | -0.44% | 99.71 | 100.16 | 14 |
| 7 | 4,525 | TRANSDIGM INC. TL I | 0.35% | 100.24 | 99.89 | 16 |
| 8 | 3,935 | SS&C TECH TL B8 | 0.23% | 100.34 | 100.11 | 16 |
| 9 | 3,900 | DIRECTV HLDGS LLC / DIRECTV TL | 0.25% | 100.20 | 99.95 | 16 |
| 10 | 3,573 | CDK GLOBAL TL B | -1.27% | 98.95 | 100.22 | 11 |
| 11 | 3,566 | AIR MEDICAL PIK TL B | -1.04% | 97.44 | 98.47 | 11 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | 6.90% | 103.36 | 96.69 | 14 |
| 13 | 3,500 | WESTINGHOUSE TL B | -2.87% | 100.21 | 103.17 | 14 |
| 14 | 3,500 | SEDGWICK TL B | 0.10% | 100.13 | 100.03 | 11 |
| 15 | 3,420 | RCN GRANDE TL | -17.32% | 82.64 | 99.95 | 15 |
| 16 | 3,380 | SOLERA TL B | 24.12% | 100.06 | 80.61 | 15 |
| 17 | 3,350 | THE NIELSEN COMPANY B.V. TL B | -5.88% | 94.06 | 99.93 | 10 |
| 18 | 3,340 | PROOFPOINT TL B | 6.17% | 100.27 | 94.44 | 12 |
| 19 | 3,300 | NTL CABLE PLC TL N | -3.97% | 96.08 | 100.06 | 12 |
| 20 | 3,250 | CORELOGIC TL B | 2.94% | 98.31 | 95.51 | 11 |
| AVERAGE | 4,051 | 0.63% | 98.09 | 97.83 | 13.7 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 8/1/24 – 8/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CISION TL B | 13.55% | 57.88 | 50.98 | 12 |
| 2 | VERIZON TL B2 | 8.13% | 87.13 | 80.58 | 9 |
| 3 | ESSENTIAL POWER TL B | 7.79% | 99.18 | 92.01 | 8 |
| 4 | OMNI LOGISTICS TL B | 7.05% | 98.31 | 91.84 | 12 |
| 5 | ZAYO EUR TL | 6.53% | 92.71 | 87.03 | 11 |
| 6 | PATHWAY PARTNERS VET MANAGEMENT TL | 5.99% | 82.72 | 78.05 | 11 |
| 7 | VIALTO CORP TL | 5.91% | 82.03 | 77.46 | 8 |
| 8 | DIGICERT TL | 5.10% | 97.80 | 93.05 | 14 |
| 9 | INTERTAPE POLYMER US INC TL | 4.72% | 94.15 | 89.90 | 15 |
| 10 | VERITAS US INC TL B | 4.07% | 90.81 | 87.26 | 14 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 8/1/24 – 8/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | LASERSHIP 2ND LIEN TL | -37.80% | 42.13 | 67.74 | 8 |
| 2 | WORLDLINE EUR TL | -11.15% | 81.92 | 92.20 | 14 |
| 3 | NTHRIVE 2ND LIEN TL | -10.66% | 41.46 | 46.41 | 6 |
| 4 | USIC 2ND LIEN TL | -8.88% | 86.98 | 95.45 | 4 |
| 5 | PRETIUM PACKAGING 2ND LIEN TL | -7.24% | 52.20 | 56.27 | 11 |
| 6 | RSA SECURITY LLC TL B | -5.81% | 79.28 | 84.17 | 8 |
| 7 | AMERICAN TRAILER WORLD TL | -5.67% | 91.96 | 97.49 | 13 |
| 8 | ACPRODUCTS TL B | -5.25% | 75.04 | 79.20 | 11 |
| 9 | NEW FORTRESS ENERGY TL B | -4.95% | 93.45 | 98.31 | 12 |
| 10 | ELECTRONICS FOR IMAGING TL | -4.66% | 78.85 | 82.70 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/1/24 – 8/31/24 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 8/1/24 – 8/31/24
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 7/31/23 vs. the month ending 8/31/24
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | GRAHAM PACKAGING TL B | 26 | 291 | 265 | 1019% |
| 2 | CALIBER COLLISION TL B | 146 | 372 | 226 | 155% |
| 3 | HYPERION TL B | 6 | 183 | 177 | 2950% |
| 4 | MCAFEE CORP DD TL | 58 | 222 | 164 | 283% |
| 5 | BMC SOFTWARE TL | 234 | 381 | 147 | 63% |
| 6 | MADISON IAQ TL B | 162 | 292 | 130 | 80% |
| 7 | CHG HEALTHCARE TL B2 | 16 | 143 | 127 | 794% |
| 8 | WILSONART INTERNATIONAL TL B | 26 | 152 | 126 | 485% |
| 9 | AMC ENTERTAINMENT TL | 60 | 183 | 123 | 205% |
| 10 | GLOBAL TELESYSTEMS TL B | 4 | 120 | 116 | 2900% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/1/24 – 8/31/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL K | 17 |
| 2 | TENNECO TL B | 17 |
| 3 | BMC SOFTWARE TL | 17 |
| 4 | BERRY PLASTICS TL | 16 |
| 5 | TRANSDIGM INC. TL I | 16 |
| 6 | HILEX POLY TL B | 16 |
| 7 | ULTIMATE SOFTWARE TL B | 16 |
| 8 | REYNOLDS GROUP HOLDINGS LIMITED TL B3 | 16 |
| 9 | ELANCO ANIMAL HEALTH TL B | 16 |
| 10 | BERLIN PACKAGING TL B7 | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/1/24 – 8/31/24
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/1/24 – 8/31/24 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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