Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
January 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 1/31/25
ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
AAL Delaware Holdco Inc | 773 | Term Loan | 7/31/2031 | S+275 |
Alliance Laundry Systems LLC | 2075 | Term Loan | 8/1/2031 | S+275 |
AmWINS Group Inc. | 4135 | Term Loan | 1/15/2032 | S+225 |
Ardonagh Group Ltd | 400 | Term Loan | 2/15/2031 | E+375 |
Ardonagh Group Ltd | 1225 | Term Loan | 2/15/2031 | S+300 |
Bass Pro Group LLC | 4915 | Term Loan | 1/13/2032 | S+325 |
Belfor Holdings Inc | 250 | Term Loan | 11/2/2030 | E+375 |
Belfor Holdings Inc | 1151 | Term Loan | 11/1/2030 | S+325 |
Buckeye Partners LP | 993 | Term Loan | 11/1/2030 | S+175 |
Carnival Corp. | 1748 | Term Loan | 1/6/2028 | S+200 |
Carnival Corp. | 701 | Term Loan | 1/6/2027 | S+200 |
Ciena Corp. | 1158 | Term Loan | 10/1/2030 | S+175 |
Citco Group LTD | 1190 | Term Loan | 4/27/2028 | S+275 |
Clarios Global LP | 3500 | Term Loan | 1/8/2032 | S+275 |
CommScope LLC | 3250 | Term Loan | 12/17/2029 | S+550 |
Delta Topco Inc. | 1682 | Term Loan | 12/1/2029 | S+275 |
EAB Global Inc. | 990 | Term Loan | 8/16/2030 | S+300 |
EG Group | 1700 | Term Loan | 2/7/2028 | S+425 |
Emerald Expositions Holding Inc. | 515 | Term Loan | 1/31/2032 | S+375 |
Filtration Group Inc. | 2132 | Term Loan | 10/1/2028 | S+300 |
FLNG Liquefaction 2 LLC | 1146 | Term Loan | 12/1/2028 | S+325 |
Flynn Restaurant Group LP | 1025 | Term Loan | 1/6/2032 | S+375 |
Focus Financial Partners LLC | 325 | Delayed-draw Term Loan | 9/15/2031 | S+275 |
Focus Financial Partners LLC | 3601 | Term Loan | 9/15/2031 | S+275 |
Formula One Holdings | 850 | Term Loan | 9/29/2031 | S+200 |
Formula One Holdings | 1700 | Term Loan | 9/30/2031 | S+200 |
Frontier Communications Corp. | 1500 | Delayed-draw Term Loan | 12/31/2029 | S+175 |
Garrett Motion | 692 | Term Loan | 1/13/2032 | S+225 |
Genesys Telecom | 3393 | Term Loan | 1/2/2032 | S+275 |
Hightower Holding LLC | 1450 | Term Loan | 1/8/2032 | |
HireRight Inc. | 1039 | Term Loan | 9/27/2030 | S+325 |
HUB Intl. LTD | 5072 | Term Loan | 6/20/2030 | S+250 |
Hunter Douglas NV | 1100 | Term Loan | 1/6/2032 | E+325 |
Hunter Douglas NV | 3110 | Term Loan | 1/6/2032 | S+325 |
Kaman Corp. | 250 | Delayed-draw Term Loan | 1/30/2032 | S+275 |
Kaman Corp. | 2650 | Term Loan | 12/30/2032 | S+275 |
Mavis Tire Supply LLC | 2476 | Term Loan | 5/4/2028 | S+300 |
McGraw-Hill Global Education Hldgs LLC | 1214 | Term Loan | 8/6/2031 | S+325 |
Oryx Midstream Services Permian Basin LLC | 1819 | Term Loan | 10/5/2028 | S+225 |
PAREXEL International Corp. | 3095 | Term Loan | 11/1/2028 | S+250 |
Solina Group | 418 | Term Loan | 3/1/2029 | S+325 |
Solina Group | 185 | Term Loan | 3/2/2029 | S+325 |
TMF Group Hldg B.V. | 1055 | Term Loan | 5/1/2028 | S+325 |
Touchdown Acquirer Inc | 888 | Term Loan | 2/21/2031 | S+275 |
TRC Cos Inc | 998 | Term Loan | 12/1/2028 | S+300 |
Tricor Group (Thevelia (US) LLC) | 1382 | Term Loan | 6/17/2029 | S+300 |
Wand Newco 3 Inc. | 2661 | Term Loan | 1/30/2031 | S+275 |
WorldPay | 5187 | Term Loan | 1/1/2031 | S+225 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 1/1/25 – 1/31/25
RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
1 | 6,145 | MAGNOLIA TL | 0.77% | 93.51 | 92.79 | 14 |
2 | 5,098 | HUB INTL LTD TL B | -0.07% | 100.38 | 100.45 | 19 |
3 | 4,750 | ZAYO TL | 2.82% | 96.07 | 93.44 | 16 |
4 | 4,741 | INTERNET BRANDS TL B | -0.88% | 99.07 | 99.95 | 12 |
5 | 4,525 | TRANSDIGM INC. TL I | 0.20% | 100.45 | 100.25 | 17 |
6 | 4,479 | TIBCO TL B | 0.42% | 100.66 | 100.24 | 14 |
7 | 4,226 | INSPIRE BRANDS TL B | 0.30% | 100.30 | 99.99 | 15 |
8 | 4,001 | CITADEL TL B | 0.97% | 100.58 | 99.61 | 14 |
9 | 3,935 | SS&C TECH TL B8 | 0.07% | 100.27 | 100.20 | 18 |
10 | 3,859 | ALLIANT HLDGS I INC TL B | 0.10% | 100.30 | 100.20 | 21 |
11 | 3,642 | MASMOVIL IBERCOM SA EUR TL B3 | 0.33% | 100.49 | 100.16 | 14 |
12 | 3,640 | TRANSDIGM INC. TL J | 0.21% | 100.38 | 100.16 | 18 |
13 | 3,573 | CDK GLOBAL TL B | -4.83% | 95.35 | 100.19 | 17 |
14 | 3,500 | AMERICAN AIRLINES TL B | 2.24% | 102.36 | 100.12 | 15 |
15 | 3,420 | RCN GRANDE TL | -9.46% | 89.18 | 98.50 | 11 |
16 | 3,380 | SOLERA TL B | -2.39% | 100.09 | 102.54 | 18 |
17 | 3,350 | THE NIELSEN COMPANY B.V. TL B | -3.46% | 83.86 | 86.86 | 11 |
18 | 3,340 | PROOFPOINT TL B | 0.46% | 100.57 | 100.11 | 16 |
19 | 3,250 | CORELOGIC TL B | 11.06% | 99.54 | 89.63 | 12 |
20 | 3,236 | PAREXEL INTERNATIONAL TL B | 0.04% | 100.44 | 100.40 | 13 |
AVERAGE | 4,005 | -0.06% | 98.19 | 98.29 | 15.3 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 1/1/25 – 1/31/25
RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
1 | DELL SOFTWARE GROUP 2ND LIEN TL | 22.37% | 25.70 | 21.00 | 9 |
2 | ANASTASIA BEVERLY HILLS TL B | 15.27% | 80.80 | 70.10 | 11 |
3 | TROPICANA TL | 11.80% | 73.33 | 65.59 | 18 |
4 | TORRID TL B | 8.58% | 91.91 | 84.65 | 10 |
5 | COMDATA SPA EUR TL B | 7.24% | 82.50 | 76.94 | 8 |
6 | ELECTRONICS FOR IMAGING TL | 6.94% | 86.70 | 81.08 | 11 |
7 | SINCLAIR BROADCAST GROUP INC. TL B3 | 5.68% | 85.16 | 80.58 | 10 |
8 | COLISEE PATRIMOINE EUR TL B | 5.45% | 93.68 | 88.84 | 15 |
9 | COREL TL | 5.39% | 88.04 | 83.54 | 8 |
10 | NUMERICABLE TL B14 | 5.17% | 84.02 | 79.89 | 9 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 1/1/25 – 1/31/25
RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
1 | BLOUNT TL B | -21.31% | 52.67 | 66.93 | 11 |
2 | ASCEND PERFORMANCE MATERIALS TL B | -12.08% | 74.72 | 84.99 | 14 |
3 | MODIVCARE INC TL B | -11.99% | 83.32 | 94.66 | 10 |
4 | TRINSEO TL B | -9.21% | 60.00 | 66.09 | 10 |
5 | THE NIELSEN COMPANY B.V. TL A | -8.79% | 83.55 | 91.61 | 9 |
6 | CARDENAS MARKETS TL B | -7.20% | 88.58 | 95.45 | 11 |
7 | BABILOU EUR TL B | -5.40% | 92.14 | 97.40 | 13 |
8 | MULTIPLAN TL B | -5.27% | 79.96 | 84.41 | 10 |
9 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | -4.48% | 91.30 | 95.58 | 16 |
10 | CRASH CHAMPIONS LLC TL B | -4.41% | 90.32 | 94.48 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/1/25 – 1/31/25
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 1/1/25 – 1/31/25

Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 12/31/24 vs. the month ending 1/31/25
RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
1 | OPEN TEXT CORP TL B | 184 | 484 | 300 | 163% |
2 | WESTINGHOUSE TL B | 235 | 494 | 259 | 110% |
3 | GOLDEN NUGGET INC TL B | 440 | 688 | 248 | 56% |
4 | BWAY HOLDING TL B | 74 | 318 | 244 | 330% |
5 | QLIK TECHNOLOGIES TL | 96 | 335 | 239 | 249% |
6 | CERBA HEALTHCARE EUR TL D | 66 | 281 | 215 | 326% |
7 | BROADSTREET PARTNERS TL B4 | 298 | 512 | 214 | 72% |
8 | NRG ENERGY TL B | 113 | 322 | 209 | 185% |
9 | PRESS GANEY TL B | 148 | 355 | 207 | 140% |
10 | STADA ARZNEIMITTEL TL B3 | 112 | 318 | 206 | 184% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/1/25 – 1/31/25
RANK | TRANCHE | DEALERS |
1 | ALLIANT HLDGS I INC TL B | 21 |
2 | WHITE CAP BUYER LLC TL B | 20 |
3 | GOLDEN NUGGET INC TL B | 20 |
4 | HUB INTL LTD TL B | 19 |
5 | GO DADDY TL B | 19 |
6 | AMWINS TL B | 19 |
7 | TENNECO TL B | 19 |
8 | TRANSDIGM INC. TL K | 19 |
9 | BMC SOFTWARE TL | 19 |
10 | DAVITA TL B | 19 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/1/25 – 1/31/25

Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 1/1/25 – 1/31/25
Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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