Syndicated Bank Loans

GET OUR BANK LOAN MARKET SUMMARIES STRAIGHT TO YOUR INBOX.  LEARN MORE

Syndicated Bank Loan Market Summary:
February 2025

Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.

Quick Links

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

Stay up-to-date with weekly summaries.

Stay up-to-date on the latest from SOLVE