Syndicated Bank Loan Market Summary – December 2024
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Syndicated Bank Loan Market Summary: December 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 12/31/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Authentic Brands Group LLC | 40 | Term Loan | 12/27/2029 | |
| Calpine Corp. | 730 | Term Loan | 1/31/2031 | S+200 |
| Trinity Bidco LTD. | 681 | Term Loan | 6/14/2030 | S+325 |
| Shearer’s Foods Inc. | 1217 | Term Loan | 2/12/2031 | S+325 |
| McAfee Inc. | 5260 | Term Loan | 3/1/2029 | S+300 |
| Kestra Advisor Services Holdings A Inc | 152 | Term Loan | 3/3/2031 | S+300 |
| Kestra Advisor Services Holdings A Inc | 838 | Term Loan | 3/1/2031 | S+300 |
| Ankura Consulting Group LLC | 925 | Term Loan | 12/10/2031 | S+350 |
| Whitewater DBR Holdco LLC | 513 | Term Loan | 3/1/2031 | S+225 |
| WhiteWater Whistler Holdings LLC | 479 | Term Loan | 2/15/2030 | S+175 |
| The Edelman Financial Engines Center LLC | 2156 | Term Loan | 4/7/2028 | S+300 |
| Planview Inc. | 1060 | Term Loan | 12/1/2027 | S+350 |
| Planview Inc. | 265 | Term Loan | 12/2/2027 | S+350 |
| Organon & Co. | 1543 | Term Loan | 5/1/2031 | S+225 |
| Johnstone Supply | 1000 | Term Loan | 6/7/2031 | S+275 |
| Grant Thornton Advisors LLC | 50 | Delayed-draw Term Loan | S+275 | |
| Grant Thornton Advisors LLC | 1900 | Term Loan | 5/31/2031 | S+275 |
| Grant Thornton Advisors LLC | 410 | Term Loan | 5/30/2031 | S+275 |
| GI Revelation Acquisition LLC | 1693 | Term Loan | 5/1/2028 | S+375 |
| GI Revelation Acquisition LLC | 290 | Term Loan | 5/3/2028 | S+375 |
| Fugue Finance LLC | 500 | Term Loan | 12/30/2032 | S+325 |
| Flexera Software Inc. | 1950 | Term Loan | 3/1/2028 | S+300 |
| Authentic Brands Group LLC | 3767 | Term Loan | 12/21/2028 | S+225 |
| Fugue Finance LLC | 1492 | Term Loan | 1/1/2032 | S+325 |
| Whatabrands LLC | 2714 | Term Loan | 8/3/2028 | S+250 |
| Vistra Operations Co LLC | 2481 | Term Loan | 12/20/2030 | S+175 |
| Teneo Hldg LLC | Term Loan | 3/13/2031 | ||
| Go Daddy Operating Co. LLC | 1462 | Term Loan | 11/30/2029 | S+175 |
| Flutter Entertainment Public Limited Company | 3885 | Term Loan | 12/5/2030 | S+175 |
| Culligan Holding Inc. | 4679 | Term Loan | 7/30/2028 | S+325 |
| VT Topco Inc. | 933 | Term Loan | 8/1/2030 | S+300 |
| Covanta Energy Corp. | 100 | Term Loan | 11/1/2028 | S+225 |
| Covanta Energy Corp. | 1302 | Term Loan | 11/1/2028 | S+225 |
| Ascensus Inc | 2297 | Term Loan | 8/1/2028 | S+325 |
| Waystar | 1167 | Term Loan | 10/1/2029 | S+225 |
| Truist Bank | 1425 | Term Loan | 5/6/2031 | S+275 |
| SanDisk Corp. | 1500 | Revolving Credit | 12/2/2029 | S+300 |
| SanDisk Corp. | 2000 | Term Loan | 12/2/2031 | S+300 |
| SPX Flow Inc. | 1123 | Term Loan | 4/2/2029 | S+300 |
| Jane Street | 4204 | Term Loan | 12/2/2031 | S+200 |
| IRB Holding Corp | 4226 | Term Loan | 12/15/2027 | S+250 |
| Bright Horizons Family Solutions Inc. | 584 | Term Loan | 11/24/2028 | S+200 |
| Berlin Packaging LLC | 2075 | Term Loan | 6/1/2031 | S+350 |
| Aretec Group Inc | 2512 | Term Loan | 8/1/2030 | S+350 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 12/1/24 – 12/31/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,145 | MAGNOLIA TL | -1.11% | 92.79 | 93.84 | 11 |
| 2 | 5,098 | HUB INTL LTD TL B | -0.25% | 100.45 | 100.70 | 18 |
| 3 | 4,750 | ZAYO TL | -2.03% | 93.44 | 95.37 | 16 |
| 4 | 4,741 | INTERNET BRANDS TL B | -0.18% | 99.95 | 100.13 | 14 |
| 5 | 4,525 | TRANSDIGM INC. TL I | 0.12% | 100.25 | 100.13 | 15 |
| 6 | 4,237 | INSPIRE BRANDS TL | -0.41% | 100.00 | 100.41 | 12 |
| 7 | 4,226 | INSPIRE BRANDS TL B | -0.40% | 99.99 | 100.39 | 10 |
| 8 | 4,001 | CITADEL TL B | -0.19% | 100.20 | 100.40 | 13 |
| 9 | 3,935 | SS&C TECH TL B8 | -0.59% | 100.20 | 100.79 | 16 |
| 10 | 3,859 | ALLIANT HLDGS I INC TL B | -0.38% | 100.16 | 100.55 | 17 |
| 11 | 3,640 | TRANSDIGM INC. TL J | 0.14% | 100.12 | 99.97 | 15 |
| 12 | 3,640 | TRANSDIGM INC. TL J | 0.14% | 100.12 | 99.97 | 15 |
| 13 | 3,573 | CDK GLOBAL TL B | -1.64% | 98.50 | 100.14 | 14 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | -0.58% | 102.54 | 103.14 | 13 |
| 15 | 3,500 | WESTINGHOUSE TL B | -0.32% | 100.02 | 100.34 | 10 |
| 16 | 3,420 | RCN GRANDE TL | -0.34% | 86.86 | 87.16 | 12 |
| 17 | 3,380 | SOLERA TL B | -0.26% | 100.11 | 100.37 | 17 |
| 18 | 3,340 | PROOFPOINT TL B | -0.17% | 100.40 | 100.57 | 12 |
| 19 | 3,300 | NTL CABLE PLC TL N | 0.21% | 99.19 | 98.98 | 11 |
| 20 | 3,250 | CORELOGIC TL B | -0.56% | 98.75 | 99.31 | 10 |
| AVERAGE | 4,003 | -0.44% | 98.70 | 99.13 | 13.6 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 12/1/24 – 12/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CORRECT CARE TL B | 15.78% | 34.02 | 29.38 | 9 |
| 2 | MULTIPLAN TL B | 15.71% | 84.41 | 72.95 | 10 |
| 3 | MICHAELS STORES TL | 9.23% | 80.48 | 73.68 | 16 |
| 4 | SKILLSOFT TL B | 8.70% | 86.98 | 80.02 | 11 |
| 5 | ANASTASIA BEVERLY HILLS TL B | 8.64% | 70.10 | 64.52 | 14 |
| 6 | TELESAT TL B5 | 7.86% | 55.72 | 51.66 | 11 |
| 7 | WEBER-STEPHEN TL B | 4.70% | 99.33 | 94.87 | 12 |
| 8 | SITEL LLC / SITEL FIN CORP TL B | 3.89% | 66.71 | 64.21 | 18 |
| 9 | TRAEGER TL | 3.14% | 97.26 | 94.30 | 14 |
| 10 | NEW FORTRESS ENERGY TL B | 2.83% | 95.71 | 93.08 | 11 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 12/1/24 – 12/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | RSA SECURITY LLC 2ND LIEN TL | -19.37% | 44.86 | 55.64 | 6 |
| 2 | CARESTREAM HEALTH TL B | -12.40% | 74.07 | 84.55 | 7 |
| 3 | COREL TL | -7.92% | 83.54 | 90.72 | 8 |
| 4 | ELECTRONICS FOR IMAGING TL | -7.86% | 81.08 | 88.00 | 11 |
| 5 | CONSTANT CONTACT TL B | -7.51% | 89.07 | 96.30 | 10 |
| 6 | COLISEE PATRIMOINE EUR TL B | -5.42% | 88.84 | 93.94 | 15 |
| 7 | NUMERICABLE TL B13 | -5.31% | 80.11 | 84.61 | 8 |
| 8 | TROPICANA TL | -5.27% | 65.59 | 69.24 | 19 |
| 9 | HELP SYSTEMS TL | -4.80% | 87.90 | 92.33 | 11 |
| 10 | PATHWAY PARTNERS VET MANAGEMENT TL | -4.28% | 80.17 | 83.76 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/1/24 – 12/31/24 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 12/1/24 – 12/31/24
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 11/30/23 vs. the month ending 12/31/24
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ULTIMATE SOFTWARE TL B | 244 | 415 | 171 | 70% |
| 2 | GOLDEN NUGGET INC TL B | 272 | 440 | 168 | 62% |
| 3 | COX ENTERPRISES, INC. TL B | 41 | 187 | 146 | 356% |
| 4 | ENDO INTERNATIONAL PLC TL | 38 | 173 | 135 | 355% |
| 5 | PS LOGISTICS TL B | 32 | 160 | 128 | 400% |
| 6 | MITER BRANDS TL B | 198 | 326 | 128 | 65% |
| 7 | KINDERCARE LEARNING CENTER TL B | 136 | 258 | 122 | 90% |
| 8 | CAPITAL VISION SERVICES LLC TL B | 128 | 246 | 118 | 92% |
| 9 | LIFE TIME INC TL B | 70 | 181 | 111 | 159% |
| 10 | CHARTER NEX TL | 186 | 284 | 98 | 53% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/1/24 – 12/31/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TROPICANA TL | 19 |
| 2 | WHITE CAP BUYER LLC TL B | 18 |
| 3 | HUB INTL LTD TL B | 18 |
| 4 | GOLDEN NUGGET INC TL B | 18 |
| 5 | AMWINS TL B | 18 |
| 6 | CSC SERVICEWORKS INC TL | 18 |
| 7 | SITEL LLC / SITEL FIN CORP TL B | 18 |
| 8 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
| 9 | BMC SOFTWARE TL | 17 |
| 10 | ALLIANT HLDGS I INC TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/1/24 – 12/31/24
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 12/1/24 – 12/31/24 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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