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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