Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
february 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 2/29/24

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Triton Water Hldg Inc. 400 Term Loan 3/31/2028 S+400
K-MAC Hldgs Corp. 115 Term Loan 7/1/2028 S+425
Blackhawk Network Holdings Inc. 1900 Term Loan 2/14/2029 S+500
United Airlines Inc. 2500 Term Loan 2/14/2031 S+275
Wrench Group LLC 744 Term Loan 10/30/2028 S+400
AccentCare Inc. 179 Term Loan 6/20/2028 S+550
Ultimate Software Group 5385 Term Loan 1/31/2031 S+350
Cotiviti Corp. 4250 Term Loan 2/28/2031
Wrench Group LLC 893 Term Loan 10/30/2028 S+400
Playcore Inc. 1100 Term Loan 2/2/2030 S+450
Osaic Hldg Inc. 500 Term Loan 8/16/2028 S+450
Interstate Waste Services Inc. 150 Term Loan 2/8/2030 S+450
BrightSpring Health 2566 Term Loan 2/1/2031 S+325
Rosen Group 1150 Term Loan 2/13/2031 S+350
United Airlines Inc. 2500 Term Loan 2/22/2031 S+275
Roper Technologies Inc. 1224 Term Loan 11/22/2029 S+400
Amer Sports Corp. 700 Term Loan 2/1/2031 L+350
Amer Sports Corp. 500 Term Loan 2/1/2031 S+325
Jane Street Term Loan 1/26/2028
Consolidated Energy Finance SA 745 Term Loan 10/29/2030 S+450
AssuredPartners Inc. 500 Term Loan 2/6/2031 S+350
Touchdown Acquirer Inc 350 Term Loan 1/26/2031 L+400
Covanta Energy Corp. 549 Term Loan 11/30/2028 S+275
Artera Services LLC 930 Term Loan 1/24/2031 S+450
Applied Systems Inc. 2420 Term Loan 2/1/2031 S+350
Applied Systems Inc. 565 Term Loan 2/1/2032 S+525
AccentCare Inc. 851 Term Loan 9/20/2028 S+400
Nord Anglia Education Finance LLC 600 Term Loan 2/12/2031 S+375
Eleda Group 153 Delayed-draw Term Loan 2/6/2031 E+450
Eleda Group 765 Term Loan 2/6/2031 E+450
Genesys SA 800 Term Loan 12/1/2027 S+400
Fitness International LLC 675 Term Loan 1/17/2029 S+525
Cano Health LLC 150 Delayed-draw Term Loan 10/5/2024 S+1100
Science Applications 510 Term Loan 1/19/2031 S+187.5
Renaissance Learning Inc. 2015 Term Loan 4/7/2030 S+425
Core & Main LP 750 Term Loan 2/5/2031 S+225
Copeland Sports 1519 Term Loan 5/1/2030 S+250
AP Gaming I LLC 550 Term Loan 2/15/2029 S+375
Howden Group Holdings Limited 2925 Term Loan 2/1/2031 S+350
Crosby US Acquisition Corp. 1000 Term Loan 8/15/2029 S+400
Argus Media 1200 Term Loan 1/22/2031 S+325

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 2/1/24 – 2/29/24

RANK SIZE (MM) NAME CHANGE PRC PRC-1M DEALERS
1 7,270 MEDLINE TL B 0.16% 99.98 99.82 12
2 5,000 UNITED CONTINENTAL TL B -0.49% 99.93 100.42 14
3 4,860 HUB INTL LTD TL B -0.06% 99.86 99.91 16
4 4,750 ZAYO TL 6.64% 89.89 84.29 15
5 4,741 INTERNET BRANDS TL B 0.54% 98.34 97.82 12
6 4,559 TRANSDIGM INC. TL I 0.18% 100.20 100.02 22
7 4,050 CITRIX TL B 1.06% 99.08 98.05 12
8 3,900 DIRECTV TL -0.06% 99.83 99.90 14
9 3,580 CDK GLOBAL TL B 0.10% 100.20 100.09 14
10 3,500 WESTINGHOUSE TL B 0.24% 99.63 99.38 11
11 3,500 PILOT TRAVEL TL B 0.13% 99.96 99.83 12
12 3,500 AMERICAN AIRLINES TL B 0.99% 103.36 102.35 12
13 3,450 GOLDEN NUGGET INC TL B 0.32% 100.01 99.68 14
14 3,420 RCN GRANDE TL 1.26% 81.86 80.84 15
15 3,380 SOLERA TL B 0.40% 97.76 97.38 14
16 3,300 NTL CABLE PLC TL N 0.97% 98.95 98.00 11
17 3,200 COMMSCOPE TL B2 2.58% 89.52 87.26 12
18 3,175 MAGENTA BUYER LLC TL -9.00% 59.81 65.73 10
19 3,000 DELTA SKYMILES TL B 0.56% 102.79 102.21 14
20 3,000 CITRIX TL A 1.08% 98.89 97.84 11
AVERAGE 3,957 0.38% 95.99 95.54 13.4

Top 10 Outperformers

Showcases the top 10 loan “outperformers” based on the largest bid price increases between 2/1/24 – 2/29/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 PRETIUM PACKAGING 2ND LIEN TL 34.89% 56.92 42.20 9
2 ELECTRONICS FOR IMAGING TL 15.37% 74.09 64.22 8
3 HEALTHCHANNELS TL 15.31% 71.45 61.96 6
4 AVISON YOUNG TL 15.15% 36.10 31.35 7
5 CARESTREAM DENTAL TL 13.83% 86.63 76.11 11
6 WHEEL PROS TL 8.76% 81.13 74.59 8
7 IQOR PIK SO TL 8.43% 81.55 75.21 5
8 SI GROUP TL 7.88% 74.07 68.66 9
9 INNOVATIVE XCESSORIES TL 6.77% 94.35 88.37 10
10 ZAYO TL 6.64% 89.89 84.29 15

Top 10 Underperformers

Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 2/1/24 – 2/29/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 ACCELL GROUP EUR TL B -35.07% 40.36 62.16 12
2 LOPARX INTERNATIONAL EUR TL B -28.98% 50.13 70.59 8
3 APEX TOOLS TL B -26.85% 64.45 88.10 12
4 LUMILEDS EXIT TL -24.85% 21.24 28.26 8
5 ASTRA ACQUISITION CORP TL B -19.92% 48.48 60.54 10
6 MAGENTA BUYER LLC 2ND LIEN TL -14.41% 30.57 35.72 4
7 DELL SOFTWARE GROUP 2ND LIEN TL -12.88% 45.15 51.83 9
8 DUPAGE MEDICAL GROUP TL B -12.50% 77.91 89.05 8
9 RESEARCH NOW TL -10.35% 57.12 63.71 8
10 COX ENTERPRISES, INC. TL B -9.12% 84.12 92.56 8

Avg Bid PX by Sector

Displays the average loan bid price by sector between 2/1/24 – 2/29/24

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 2/1/24 – 2/29/24

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 1/31/23 vs. the month ending 2/29/24

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 HUB INTL LTD TL B 76 369 293 386%
2 CITADEL TL B 64 340 276 431%
3 NUTRISYSTEM TL B 32 268 236 738%
4 GO DADDY TL B 94 326 232 247%
5 PRO MACH TL B 92 319 227 247%
6 JANE STREET TL B 126 340 214 170%
7 INSPIRE BRANDS TL 38 248 210 553%
8 SS&C TECH TL B 15 224 209 1393%
9 EOC GROUP TL B 26 234 208 800%
10 TRANSUNION TL B 4 210 206 5150%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 2/1/24 – 2/29/24

RANK TRANCHE DEALERS
1 TRANSDIGM INC. TL I 22
2 ALKEGEN TL B 19
3 EKATERRA EUR TL B 17
4 ZIGGO EUR TL H 17
5 BELLIS ACQUISITION CO PLC EUR TL B 17
6 HILEX POLY TL B 17
7 TRANSDIGM INC. TL H 16
8 TENNECO TL B 16
9 FRONERI TL B 16
10 HEARTHSIDE FOODS TL B 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 2/1/24 – 2/29/24

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 2/1/24 – 2/29/24

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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