Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
January 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 1/31/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| WestJet Airlines LTD | 1500 | Term Loan | 1/23/2031 | S+375 |
| Magnite Inc. | 365 | Term Loan | 1/1/2031 | S+450 |
| Greystar Real Estate Partners LLC | 45 | Term Loan | 8/1/2030 | S+325 |
| Four Seasons Hotels Inc. | 842 | Term Loan | 11/1/2029 | S+200 |
| Plusgrade Sec | 420 | Term Loan | 1/17/2031 | S+450 |
| SubCom | 1400 | Term Loan | 1/16/2031 | S+475 |
| Buckeye Partners LP | 1416 | Term Loan | 11/1/2026 | S+200 |
| Team Public Choices LLC | 150 | Term Loan | 12/1/2027 | S+500 |
| Promontory | 300 | Term Loan | 12/13/2028 | S+450 |
| NGL Energy Partners LP | 700 | Term Loan | 1/17/2031 | S+450 |
| Herschend Entertainment Company LLC | 464 | Term Loan | 8/1/2028 | S+300 |
| Foundation Building Materials LLC | 1000 | Term Loan | 1/18/2031 | S+400 |
| TMF Group Hldg B.V. | 955 | Term Loan | 5/1/2028 | L+375 |
| Oryx Midstream Services Permian Basin LLC | 1837 | Term Loan | 10/5/2028 | S+300 |
| Caesars Entertainment Inc. | 2900 | Term Loan | 1/18/2031 | S+275 |
| Ahead DB Borrower LLC | 600 | Term Loan | 1/17/2031 | S+425 |
| TMF Group Hldg B.V. | 400 | Term Loan | 5/1/2028 | S+400 |
| SBA Communications Corp. | 2300 | Term Loan | 1/8/2031 | S+200 |
| Husky Injection Molding Systems LTD | 1750 | Term Loan | 1/31/2029 | S+500 |
| Adtalem Global Education Inc. | 253 | Term Loan | 8/12/2028 | S+350 |
| Insulet Corporation | 488 | Term Loan | 5/1/2028 | S+300 |
| Cross Financial Corp. | 438 | Term Loan | 9/1/2027 | S+350 |
| Crocs Inc. | 820 | Term Loan | 2/17/2029 | S+225 |
| Chamberlain Group Inc. | 775 | Term Loan | 11/3/2028 | S+375 |
| Calpine Corp. | 700 | Term Loan | 12/1/2027 | S+200 |
| Autokiniton US Hldg, Inc. | 1155 | Term Loan | 4/6/2028 | S+400 |
| Weld North Education | 922 | Term Loan | 12/1/2029 | S+350 |
| Focus Financial Partners LLC | 2437 | Term Loan | 6/30/2028 | S+275 |
| Dave & Buster’s Inc. | 898 | Term Loan | 6/1/2029 | S+325 |
| AL GCX Hldg LLC | 597 | Term Loan | 5/17/2029 | S+325 |
| IRB Holding Corp | 4237 | Term Loan | 12/15/2027 | S+275 |
| Solarwinds Inc. | 1186 | Term Loan | 2/1/2027 | S+325 |
| Signature Aviation US Hldg Inc. | 1483 | Term Loan | 7/1/2029 | S+300 |
| Signature Aviation US Hldg Inc. | 180 | Term Loan | 7/1/2029 | S+300 |
| KBR Inc. | 800 | Term Loan | 1/10/2031 | S+250 |
| Jeld-Wen Inc. | 536 | Term Loan | 7/28/2028 | S+200 |
| Jane Street | 2378 | Term Loan | 1/26/2028 | S+250 |
| Jane Street | 600 | Term Loan | 1/25/2028 | S+250 |
| Dealer Tire LLC | 1490 | Term Loan | 12/1/2027 | S+375 |
| BRP INC | 1000 | Term Loan | 1/1/2031 | S+275 |
| Whatabrands LLC | 340 | Term Loan | 8/3/2028 | |
| Scientific Games Intl. Inc. | 2167 | Term Loan | 1/4/2029 | S+275 |
| Zelis Payments Buyers Inc. | 1978 | Term Loan | 9/30/2029 | S+275 |
| Revlon Consumer Products Corp. | 1401 | Term Loan | 5/2/2028 | S+687.5 |
| Go Daddy Operating Co. LLC | 1752 | Term Loan | 11/1/2029 | S+200 |
| Go Daddy Group Inc. | 1750 | Term Loan | 11/1/2029 | S+200 |
| Jazz Pharmaceuticals Inc. | 2723 | Term Loan | 5/5/2028 | S+300 |
| OMNIA Partners Inc. | 1650 | Term Loan | 7/25/2030 | S+425 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 1/1/24 – 1/31/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | 5,000 | UNITED CONTINENTAL TL B | 1.37% | 99.79 | 98.44 | 13 |
| 2 | 4,750 | ZAYO TL | 4.48% | 84.11 | 80.51 | 15 |
| 3 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.31% | 99.96 | 99.65 | 15 |
| 4 | 3,900 | DIRECTV TL | 1.23% | 98.22 | 97.02 | 12 |
| 5 | 3,500 | AMERICAN AIRLINES TL B | 3.21% | 102.60 | 99.41 | 11 |
| 6 | 3,450 | GOLDEN NUGGET INC TL B | 4.01% | 98.72 | 94.91 | 11 |
| 7 | 3,420 | RCN GRANDE TL | 3.20% | 83.06 | 80.48 | 11 |
| 8 | 3,380 | SOLERA TL B | 3.82% | 94.82 | 91.33 | 15 |
| 9 | 3,300 | NTL CABLE PLC TL N | 1.31% | 99.40 | 98.11 | 11 |
| 10 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -31.04% | 8.38 | 12.15 | 10 |
| 11 | 3,190 | INTELSAT EXIT TL B | 2.03% | 98.35 | 96.39 | 11 |
| 12 | 3,000 | WESTINGHOUSE TL B | 1.41% | 99.83 | 98.44 | 12 |
| 13 | 3,000 | DELTA SKYMILES TL B | 1.47% | 103.33 | 101.83 | 12 |
| 14 | 2,985 | HARBOR FREIGHT TL B | 3.39% | 98.46 | 95.23 | 12 |
| 15 | 2,853 | TK ELEVATOR TL B | 2.13% | 98.15 | 96.10 | 11 |
| 16 | 2,750 | TEAM HEALTH TL | 7.31% | 91.73 | 85.48 | 13 |
| 17 | 2,750 | REALPAGE TL B | 2.58% | 97.43 | 94.98 | 11 |
| 18 | 2,710 | DELL SOFTWARE GROUP TL B | 10.94% | 85.41 | 76.98 | 10 |
| 19 | 2,700 | PAREXEL INTERNATIONAL TL | 3.16% | 99.09 | 96.05 | 10 |
| 20 | 2,670 | FRONERI TL B | 1.89% | 98.92 | 97.08 | 14 |
| AVERAGE | 3,361 | 1.41% | 91.99 | 89.53 | 12.0 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 1/1/24 – 1/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | RSA SECURITY LLC TL B | 17.54% | 80.54 | 68.52 | 11 |
| 2 | ELECTRONICS FOR IMAGING TL | 11.24% | 73.46 | 66.04 | 14 |
| 3 | TEAM HEALTH EXT TL B | 11.21% | 83.00 | 74.63 | 7 |
| 4 | DELL SOFTWARE GROUP TL B | 10.94% | 85.41 | 76.98 | 10 |
| 5 | FRANKLIN ENERGY TL | 10.89% | 89.17 | 80.41 | 6 |
| 6 | CONSTELLATION ENTERPRISES GBP TL B | 9.11% | 75.10 | 68.83 | 13 |
| 7 | NTHRIVE TL B | 8.07% | 90.33 | 83.58 | 2 |
| 8 | TARKETT EUR TL B | 7.35% | 90.40 | 84.21 | 13 |
| 9 | ASURION 2ND LIEN TL B4 | 7.27% | 82.98 | 77.35 | 7 |
| 10 | LIFTOFF TL B | 7.06% | 65.28 | 60.97 | 9 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 1/1/24 – 1/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | LOGMEIN TL B | -13.70% | 55.10 | 63.85 | 13 |
| 2 | ACCELERATED HEALTH SYSTEMS LLC TL B | -9.74% | 72.40 | 80.21 | 7 |
| 3 | MOLD-RITE 2ND LIEN TL | -6.06% | 70.45 | 75.00 | 2 |
| 4 | CORRECT CARE TL B | -5.97% | 73.38 | 78.04 | 7 |
| 5 | TOSCA SERVICES TL | -5.87% | 75.30 | 80.00 | 3 |
| 6 | HOUGHTON MIFFLIN TL B | -4.20% | 90.86 | 94.85 | 7 |
| 7 | RESEARCH NOW TL | -3.20% | 72.08 | 74.46 | 11 |
| 8 | PLANET FITNESS TL | -2.60% | 77.51 | 79.57 | 8 |
| 9 | MAGENTA BUYER LLC TL B | -2.26% | 89.15 | 91.21 | 8 |
| 10 | CARESTREAM DENTAL TL | -1.13% | 91.95 | 93.00 | 5 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/1/24 – 1/31/24
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 1/1/24 – 1/31/24
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 12/31/23 vs. the month ending 1/31/24
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
| 1 | CABLEVISION TL B | 65 | 201 | 136 | 209% |
| 2 | CABLEVISION TL B5 | 42 | 164 | 122 | 290% |
| 3 | CABLEVISION TL B1 | 62 | 180 | 118 | 190% |
| 4 | WARNER MUSIC TL | 39 | 156 | 117 | 300% |
| 5 | THE NIELSEN COMPANY B.V. TL B | 79 | 179 | 100 | 127% |
| 6 | BMC SOFTWARE EUR TL B | 50 | 148 | 98 | 196% |
| 7 | LIGHTPATH TL | 31 | 128 | 97 | 313% |
| 8 | PODS TL B | 185 | 280 | 95 | 51% |
| 9 | RESEARCH NOW TL | 142 | 236 | 94 | 66% |
| 10 | PROMONTORY TL | 193 | 285 | 92 | 48% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/1/24 – 1/31/24
| RANK | TRANCHE | DEALERS |
| 1 | CONVERGEONE TL B | 17 |
| 2 | CLEAR CHANNEL OUTDOOR TL B | 17 |
| 3 | AMC ENTERTAINMENT TL B1 | 16 |
| 4 | TRANSDIGM INC. TL E | 16 |
| 5 | AMERICAN BATH TL | 16 |
| 6 | WHEEL PROS TL | 16 |
| 7 | TELENET EUR TL | 16 |
| 8 | CAESARS RESORT COLLECTION TL B | 15 |
| 9 | BRAND ENERGY TL | 15 |
| 10 | MISYS 2ND LIEN TL | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/1/24 – 1/31/24
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 1/1/24 – 1/31/24
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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