Syndicated Bank Loan Market Summary – February 2025
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Syndicated Bank Loan Market Summary: February 2025
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 2/28/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Storable | 920 | Term Loan | 4/1/2031 | S+325 |
| Sovos Compliance | 1471 | Term Loan | 8/11/2029 | S+400 |
| Fitness International LLC | 3100 | Term Loan | 3/31/2028 | S+225 |
| Univar Inc. | 2727 | Term Loan | 8/1/2030 | S+275 |
| Knife River Corp | 500 | Term Loan | 2/13/2032 | S+200 |
| Qualtrics Intl. | 1458 | Term Loan | 6/1/2030 | S+225 |
| Colosseum Dental | 1050 | Term Loan | 2/12/2032 | E+425 |
| Minimax Viking GmbH | 1050 | Term Loan | 2/10/2032 | S+225 |
| Cogentrix Finance Holdco I LLC | 1000 | Term Loan | 2/10/2032 | S+275 |
| Cotiviti Corp. | 2000 | Term Loan | 2/7/2032 | S+275 |
| Authentic Brands Group LLC | 1000 | Term Loan | 2/5/2032 | S+225 |
| Quikrete Holdings Inc. | 2376 | Term Loan | 4/14/2031 | S+225 |
| Pro Mach Group Inc. | 2204 | Term Loan | 4/30/2028 | S+275 |
| Global Business Travel | 1400 | Term Loan | 7/25/2031 | S+250 |
| Arsenal AIC Parent LLC | 1407 | Term Loan | 8/18/2030 | S+275 |
| 1-800 Contacts Inc. | 1503 | Term Loan | 11/8/2027 | S+250 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 2/1/25 – 2/28/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,145 | MAGNOLIA TL | -3.46% | 90.27 | 93.51 | 11 |
| 2 | 4,750 | ZAYO TL | -0.66% | 95.43 | 96.07 | 13 |
| 3 | 4,741 | INTERNET BRANDS TL B | -1.33% | 97.75 | 99.07 | 14 |
| 4 | 4,525 | TRANSDIGM INC. TL I | -0.29% | 100.16 | 100.45 | 17 |
| 5 | 4,479 | TIBCO TL B | -0.42% | 100.23 | 100.66 | 14 |
| 6 | 4,260 | NUMERICABLE TL B14 | 6.47% | 89.46 | 84.02 | 10 |
| 7 | 4,226 | INSPIRE BRANDS TL B | -0.43% | 99.86 | 100.30 | 14 |
| 8 | 4,001 | CITADEL TL B | 0.27% | 100.13 | 99.86 | 12 |
| 9 | 3,935 | SS&C TECH TL B8 | -0.42% | 100.16 | 100.58 | 18 |
| 10 | 3,859 | ALLIANT HLDGS I INC TL B | -0.46% | 99.81 | 100.27 | 22 |
| 11 | 3,642 | MASMOVIL IBERCOM SA EUR TL B3 | 0.03% | 100.07 | 100.04 | 14 |
| 12 | 3,640 | TRANSDIGM INC. TL J | -0.29% | 100.01 | 100.30 | 20 |
| 13 | 3,573 | CDK GLOBAL TL B | -9.29% | 91.15 | 100.49 | 18 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | 1.63% | 102.01 | 100.38 | 12 |
| 15 | 3,380 | SOLERA TL B | 4.54% | 99.69 | 95.35 | 16 |
| 16 | 3,340 | PROOFPOINT TL B | -2.09% | 100.22 | 102.36 | 16 |
| 17 | 3,250 | CORELOGIC TL B | -0.57% | 99.52 | 100.09 | 12 |
| 18 | 3,119 | EPICOR SOFTWARE TL B | -0.27% | 100.30 | 100.57 | 15 |
| 19 | 3,100 | TRITON WATER TL B | 0.56% | 100.10 | 99.54 | 15 |
| 20 | 3,100 | ASURION TL B8 | -0.89% | 99.87 | 100.77 | 10 |
| AVERAGE | 3,928 | -0.37% | 98.31 | 98.73 | 14.7 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 2/1/25 – 2/28/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | ATOS ORIGIN 2ND LIEN EUR TL | 30.24% | 33.06 | 25.39 | 6 |
| 2 | STEINHOFF EUROPE PIK 2ND LIEN EUR TL B2 | 13.14% | 25.63 | 22.66 | 8 |
| 3 | NUMERICABLE TL B14 | 6.47% | 89.46 | 84.02 | 10 |
| 4 | THE NIELSEN COMPANY B.V. TL A | 5.89% | 88.47 | 83.55 | 9 |
| 5 | COMMERCEHUB 2ND LIEN TL B | 5.82% | 91.19 | 86.18 | 8 |
| 6 | WORLDLINE EUR TL | 5.19% | 67.36 | 64.03 | 14 |
| 7 | KLOECKNER EUR TL B | 4.96% | 93.16 | 88.76 | 13 |
| 8 | FONCIA GROUPE EUR TL B | 4.72% | 93.33 | 89.12 | 14 |
| 9 | AVAGO TL | 3.78% | 97.72 | 94.16 | 7 |
| 10 | BABILOU EUR TL B | 3.64% | 95.50 | 92.14 | 15 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 2/1/25 – 2/28/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | TROPICANA 2ND LIEN TL | -35.37% | 22.55 | 34.88 | 12 |
| 2 | LESLIE’S POOLMART TL B | -9.50% | 85.76 | 94.76 | 18 |
| 3 | RESOURCE LABEL GROUP TL | -7.99% | 90.29 | 98.14 | 10 |
| 4 | AMERICAN TRAILER WORLD TL | -5.70% | 84.00 | 89.07 | 15 |
| 5 | NEW FORTRESS ENERGY TL B | -5.19% | 94.28 | 99.44 | 11 |
| 6 | SITEL LLC / SITEL FIN CORP TL B | -5.12% | 64.48 | 67.96 | 17 |
| 7 | PODS TL B | -4.87% | 86.61 | 91.04 | 12 |
| 8 | MAGNOLIA 2ND LIEN TL | -4.85% | 80.19 | 84.27 | 9 |
| 9 | MODIVCARE INC TL B | -4.80% | 79.32 | 83.32 | 9 |
| 10 | CDK GLOBAL TL B | -4.40% | 91.15 | 95.35 | 19 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/1/25 – 2/28/25 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 2/1/25 – 2/28/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 1/31/24 vs. the month ending 2/28/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ENVESTNET TL B | 78 | 252 | 174 | 223% |
| 2 | MADISON IAQ TL B | 116 | 288 | 172 | 148% |
| 3 | NORD ANGLIA TL B | 28 | 182 | 154 | 550% |
| 4 | INTERNET BRANDS TL B | 153 | 291 | 138 | 90% |
| 5 | ADIENT GLOBAL TL B | 180 | 306 | 126 | 70% |
| 6 | HOMEVI EUR TL B | 60 | 186 | 126 | 210% |
| 7 | STELLAGROUP EUR TL | 59 | 178 | 119 | 202% |
| 8 | WATERBRIDGE OPERATING TL B | 128 | 242 | 114 | 89% |
| 9 | MEHILAINEN EUR TL B | 79 | 192 | 113 | 143% |
| 10 | ACTION NEDERLAND EUR TL B3 | 48 | 158 | 110 | 229% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/1/25 – 2/28/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ALLIANT HLDGS I INC TL B | 23 |
| 2 | GOLDEN NUGGET INC TL B | 20 |
| 3 | TRANSDIGM INC. TL K | 20 |
| 4 | TRANSDIGM INC. TL J | 20 |
| 5 | WHITE CAP BUYER LLC TL B | 20 |
| 6 | DAVITA TL B | 20 |
| 7 | FRONERI TL B | 19 |
| 8 | GO DADDY TL B | 19 |
| 9 | HUB INTL LTD TL B | 19 |
| 10 | CDK GLOBAL TL B | 19 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/1/25 – 2/28/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 2/1/25 – 2/28/25 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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