Syndicated Bank Loans

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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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