Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
December 2023
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 12/31/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Wireco Worldgroup Inc. | 472 | Term Loan | 11/1/2028 | SOFR+375 |
| Travel + Leisure Co. | 598 | Term Loan | 12/14/2029 | S+325 |
| Playa Resorts Holding BV | 1092 | Term Loan | 1/1/2029 | S+325 |
| Nemera | 525 | Term Loan | 1/1/2029 | E+500 |
| Castlelake Aviation Finance | 1156 | Term Loan | 10/22/2026 | S+250 |
| Heritage Crystal Clean LLC | 600 | Term Loan | 10/6/2030 | S+525 |
| USI Corp. | 2475 | Term Loan | 11/1/2029 | S+300 |
| Nuvei Technologies Corp. | 1275 | Term Loan | 12/1/2030 | S+300 |
| Catalent Pharma Solutions Inc. | 600 | Term Loan | 12/11/2028 | S+300 |
| R1 RCM Inc. | 575 | Term Loan | 6/1/2029 | S+300 |
| Promontory | 500 | Term Loan | 12/11/2028 | S+450 |
| IVC Acquisition LTD | 2270 | Term Loan | 11/16/2028 | S+500 |
| Citadel Securities LP | 500 | Term Loan | 7/28/2030 | S+250 |
| Chobani LLC | 550 | Term Loan | 10/23/2027 | S+375 |
| Iron Mountain Inc. | 1200 | Term Loan | 12/1/2030 | S+225 |
| Element Solutions Inc. | 1150 | Term Loan | 11/30/2030 | S+200 |
| BroadStreet Partners Inc. | 933 | Term Loan | 1/1/2029 | S+375 |
| Blackstone CQP Holdco LP | 2217 | Term Loan | 12/31/2030 | S+300 |
| BMC Software Inc. | 3090 | Term Loan | 12/1/2028 | S+425 |
| Avolon Aircraft | 2334 | Term Loan | 6/22/2028 | S+200 |
| XPO CNW Inc. | 400 | Term Loan | 2/1/2031 | S+200 |
| Vistra Operations Co LLC | 2500 | Term Loan | 12/6/2030 | S+225 |
| Vertiv Group Corp | 2123 | Term Loan | 3/2/2027 | S+250 |
| Indicor LLC | 1224 | Term Loan | 11/22/2029 | S+400 |
| Flexera Software Inc. | 425 | Term Loan | 3/3/2028 | SO+375 |
| Authentic Brands Group LLC | 1696 | Term Loan | 12/21/2028 | S+350 |
| Alliant Holdings Intermediate LLC | 2377 | Term Loan | 11/6/2030 | S+350 |
| Infrastrux Group Inc. | 600 | Term Loan | 9/26/2030 | E+450 |
| Surgery Center Holdings Inc. | 1400 | Term Loan | 11/27/2030 | S+350 |
| Sabert Corp. | 458 | Term Loan | 12/10/2026 | S+375 |
| NGPL Pipeco LLC | 485 | Term Loan | 11/27/2030 | S+325 |
| BroadStreet Partners Inc. | 350 | Term Loan | 1/1/2029 | S+375 |
| PG&E Corp. | 750 | Term Loan | 6/1/2027 | S+250 |
| Arcis Golf | 495 | Term Loan | 11/1/2028 | S+375 |
| Charter Communications Operating LLC | 2300 | Term Loan | 12/2/2030 | S+200 |
| DiscoverOrg LLC | 596 | Term Loan | 2/28/2030 | S+225 |
| Avis Budget Car Rental LLC | 540 | Term Loan | 3/1/2029 | S+300 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 12/1/23 – 12/31/23
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | 7,270 | MEDLINE TL B | 0.65% | 99.95 | 99.31 | 14 |
| 2 | 5,160 | MCAFEE CORP TL | 3.23% | 98.44 | 95.36 | 11 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.28% | 99.96 | 99.68 | 15 |
| 4 | 5,000 | QWEST CORPORATION TL B | -12.15% | 65.27 | 74.29 | 11 |
| 5 | 4,750 | ZAYO TL | 1.20% | 85.00 | 83.99 | 15 |
| 6 | 4,750 | HUB INTL LTD TL B5 | 0.45% | 100.39 | 99.94 | 16 |
| 7 | 4,741 | INTERNET BRANDS TL B | 1.35% | 96.75 | 95.45 | 12 |
| 8 | 4,559 | TRANSDIGM INC. TL I | 0.18% | 100.01 | 99.83 | 21 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | 0.57% | 99.98 | 99.41 | 13 |
| 10 | 4,260 | NUMERICABLE TL B | -3.77% | 85.21 | 88.56 | 11 |
| 11 | 4,050 | CITRIX TL B | 0.93% | 95.71 | 94.83 | 13 |
| 12 | 3,900 | DIRECTV TL | 1.21% | 98.35 | 97.17 | 16 |
| 13 | 3,580 | CDK GLOBAL TL B | 0.69% | 100.05 | 99.37 | 13 |
| 14 | 3,550 | CITADEL TL B | 0.27% | 99.96 | 99.69 | 13 |
| 15 | 3,500 | PILOT TRAVEL TL B | 0.04% | 99.96 | 99.92 | 12 |
| 16 | 3,500 | SEDGWICK TL B | 0.56% | 100.09 | 99.53 | 10 |
| 17 | 3,500 | AMERICAN AIRLINES TL B | 0.21% | 101.45 | 101.25 | 13 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | 1.57% | 99.22 | 97.68 | 13 |
| 19 | 3,420 | RCN GRANDE TL | -6.61% | 77.00 | 82.45 | 12 |
| 20 | 3,380 | SOLERA TL B | 3.00% | 97.15 | 94.32 | 14 |
| AVERAGE | 4,289 | -0.31% | 95.00 | 95.10 | 13.4 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 12/1/23 – 12/31/23
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | AT HOME STORES TL B | 23.23% | 43.16 | 35.03 | 6 |
| 2 | CBS RADIO INC TL B | 10.10% | 47.87 | 43.48 | 8 |
| 3 | CORELOGIC 2ND LIEN TL | 9.92% | 89.45 | 81.37 | 4 |
| 4 | NAPA MANAGEMENT SERVICES TL B | 9.77% | 91.57 | 83.42 | 7 |
| 5 | TORRID TL B | 9.69% | 73.38 | 66.90 | 7 |
| 6 | USS PARENT TL B | 9.04% | 77.44 | 71.03 | 13 |
| 7 | SINCLAIR BROADCAST GROUP INC. TL B4 | 8.23% | 81.22 | 75.04 | 7 |
| 8 | PRINCE MINERALS TL | 6.86% | 95.43 | 89.30 | 12 |
| 9 | ASURION 2ND LIEN TL B4 | 6.49% | 94.20 | 88.47 | 10 |
| 10 | TENNECO TL B | 6.43% | 87.93 | 82.62 | 13 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 12/1/23 – 12/31/23
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | STRATEGIC PARTNERS TL B | -37.78% | 27.01 | 43.41 | 10 |
| 2 | COVIS PHARMA EUR TL B | -19.79% | 56.44 | 70.37 | 6 |
| 3 | HURTIGRUTEN GROUP EUR TL B | -14.27% | 56.97 | 66.46 | 11 |
| 4 | ACCOLADE WINES GBP TL B | -14.12% | 37.95 | 44.19 | 11 |
| 5 | WESTERN DENTAL TL B | -11.47% | 61.48 | 69.45 | 8 |
| 6 | ANASTASIA BEVERLY HILLS TL B | -9.07% | 60.00 | 65.98 | 10 |
| 7 | ACCELL GROUP EUR TL B | -8.73% | 77.25 | 84.65 | 12 |
| 8 | SECURUS TL | -7.85% | 76.88 | 83.43 | 6 |
| 9 | STRATEGIC MATERIALS TL | -6.94% | 58.77 | 63.15 | 9 |
| 10 | XPLORNET TL | -5.25% | 58.87 | 62.13 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/1/23 – 12/31/23
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 12/1/23 – 12/31/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 11/30/23 vs. the month ending 12/31/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
| 1 | SS&C TECH TL B | 2 | 138 | 136 | 6800% |
| 2 | CLUB CORP TL B | 90 | 211 | 121 | 134% |
| 3 | SS&C TECH TL B | 58 | 161 | 103 | 178% |
| 4 | ENDO HEALTH TL B | 42 | 141 | 99 | 236% |
| 5 | AMNEAL PHARMACEUTIAL TL B | 44 | 132 | 88 | 200% |
| 6 | TRILLIANT FOOD TL B | 63 | 142 | 79 | 125% |
| 7 | FRANCHISE GROUP TL B | 127 | 205 | 78 | 61% |
| 8 | SEVERIN TL | 72 | 146 | 74 | 103% |
| 9 | SERTA SIMMONS EXIT TL | 128 | 202 | 74 | 58% |
| 10 | IHEART TL B | 38 | 108 | 70 | 184% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/1/23 – 12/31/23
| RANK | TRANCHE | DEALERS |
| 1 | TRANSDIGM INC. TL I | 19 |
| 2 | HILEX POLY TL B | 18 |
| 3 | ALKEGEN TL B | 17 |
| 4 | ZIGGO EUR TL H | 17 |
| 5 | BMC SOFTWARE TL B | 17 |
| 6 | TRANSDIGM INC. TL H | 17 |
| 7 | HEARTHSIDE FOODS TL B | 16 |
| 8 | TELENET EUR TL | 16 |
| 9 | VERISURE EUR TL B | 16 |
| 10 | GRAHAM PACKAGING TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/1/23 – 12/31/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 12/1/23 – 12/31/23
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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