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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