Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
July 2023
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 7/31/23
ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
Fortress Investment Group | 850 | Term Loan | 6/1/2029 | S+300 |
Arqiva | 450 | Term Loan | 3/30/2028 | SN+500 |
AQ Carver Buyer Inc. | 575 | Term Loan | 7/18/2029 | S+550 |
Arconic Rolled Products Corp. | 1425 | Term Loan | 7/27/2030 | S+450 |
Select Medical Hldgs Corp. | 2103 | Term Loan | 3/1/2027 | S+300 |
Citadel Securities LP | 3550 | Term Loan | 7/18/2030 | S+250 |
Refficiency Hldg LLC | 155 | Term Loan | 12/16/2027 | S+375 |
AnQore BV | 300 | Term Loan | 12/1/2027 | L+550 |
Calpine Corp. | 1250 | Term Loan | 7/17/2030 | S+225 |
Software AG | 600 | Term Loan | 7/18/2030 | E+500 |
Software AG | 400 | Term Loan | 7/18/2030 | S+500 |
Monitronics Intl. Inc. | 600 | Term Loan | 6/30/2028 | S+750 |
Janus International Group LLC | 625 | Term Loan | 7/17/2030 | N/A |
Dun & Bradstreet Corp. | 2666 | Term Loan | 2/8/2026 | L+275 |
Dexko Global | 300 | Term Loan | 10/4/2028 | N/A |
Brand Energy & Infra Services | 1335 | Term Loan | 7/17/2030 | S+550 |
Arconic Inc. | 1000 | Term Loan | 7/17/2030 | S+475 |
Go Daddy Operating Co. LLC | 1761 | Term Loan | 11/10/2029 | S+250 |
ION Corporates | 500 | Term Loan | 7/1/2030 | S+425 |
AlixPartners LLP | 400 | Term Loan | 2/4/2028 | S+275 |
Phoenix Services LLC | N/A | Term Loan | 6/13/2028 | N/A |
CentroMotion | 450 | Term Loan | 7/11/2030 | S+600 |
Saphilux Sarl | 520 | Term Loan | 7/1/2028 | S+475 |
Ontic | 837 | Term Loan | 10/23/2028 | S+400 |
Great Canadian Gaming Corp. | 800 | Term Loan | 7/10/2030 | N/A |
SiteOne Landscape Supply LLC | 120 | Term Loan | N/A | S+200 |
Lackawanna Energy Center LLC | 350 | Term Loan | 6/30/2029 | S+950 |
Flora Food Group | 2375 | Term Loan | 1/2/2028 | E+500 |
Assystem | 50 | Term Loan | 9/27/2027 | SN+650 |
Sierra Nevada Corp. | 226 | Term Loan | 6/29/2028 | N/A |
OMNIA Partners Inc. | 1650 | Term Loan | 7/6/2030 | S+425 |
Lackawanna Energy Center LLC | 380 | Term Loan | 7/19/2029 | S+500 |
Lackawanna Energy Center LLC | 90 | Term Loan | 7/19/2029 | S+500 |
Odyssey Logistics & Technology Corp. | 501 | Term Loan | 10/1/2027 | S+450 |
GVC Holdings PLC | 236 | Term Loan | 6/28/2028 | E+375 |
Flora Food Group | 833 | Term Loan | 1/2/2028 | S+475 |
Curium | 1066 | Term Loan | 7/2/2029 | S+450 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 7/1/23 – 7/31/23
RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
1 | 8,572 | GEO GROUP TL1 | 0.04% | 101.52 | 101.48 | 14 |
2 | 7,270 | MEDLINE TL B | 0.11% | 98.90 | 98.79 | 10 |
3 | 5,900 | ATHENAHEALTH TL | 1.26% | 96.92 | 95.71 | 10 |
4 | 5,000 | UNITED CONTINENTAL TL B | 0.15% | 100.03 | 99.87 | 13 |
5 | 4,750 | ZAYO TL | -3.10% | 76.05 | 78.49 | 15 |
6 | 4,750 | HUB INTL LTD TL B5 | 0.24% | 100.39 | 100.15 | 14 |
7 | 4,741 | INTERNET BRANDS TL B | 0.51% | 96.25 | 95.76 | 11 |
8 | 4,559 | TRANSDIGM INC. TL I | 0.15% | 100.03 | 99.89 | 18 |
9 | 4,475 | UNIVISION TL C5 | -0.27% | 99.89 | 100.16 | 10 |
10 | 4,260 | NUMERICABLE TL B | -7.58% | 82.13 | 88.86 | 10 |
11 | 4,050 | CITRIX TL B | 2.51% | 95.72 | 93.38 | 11 |
12 | 3,900 | DIRECTV TL | 1.73% | 99.31 | 97.62 | 16 |
13 | 3,600 | CDK GLOBAL TL | 0.29% | 100.00 | 99.71 | 13 |
14 | 3,582 | MISYS TL B | 0.90% | 96.81 | 95.95 | 12 |
15 | 3,515 | LIFEPOINT HOSPITALS TL B | 6.01% | 98.16 | 92.59 | 10 |
16 | 3,500 | AMERICAN AIRLINES TL B | 1.28% | 103.44 | 102.14 | 13 |
17 | 3,500 | PILOT TRAVEL TL B | 0.03% | 99.82 | 99.80 | 11 |
18 | 3,450 | GOLDEN NUGGET INC TL B | 0.04% | 98.83 | 98.79 | 15 |
19 | 3,420 | RCN GRANDE TL | 0.64% | 84.01 | 83.47 | 10 |
20 | 3,380 | SOLERA TL B | 2.87% | 94.31 | 91.67 | 11 |
AVERAGE | 4,509 | 0.39% | 96.13 | 95.72 | 12.4 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 7/1/23 – 7/31/23
RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
1 | AT&T COLOCATION TL | 25.54% | 74.98 | 59.73 | 8 |
2 | WEIGHT WATCHERS TL B | 14.52% | 74.59 | 65.13 | 9 |
3 | IMPERVA TL | 10.72% | 99.95 | 90.28 | 10 |
4 | COMPREHENSIVE EYECARE PARTNERS TL | 9.64% | 80.30 | 73.25 | 10 |
5 | REVERE POWER TL B | 7.30% | 79.64 | 74.22 | 7 |
6 | EQUINOX HLDGS INC 2ND LIEN TL | 6.95% | 79.88 | 74.68 | 8 |
7 | THE NIELSEN COMPANY B.V. EUR TL B3 | 6.41% | 93.20 | 87.59 | 9 |
8 | HUBBARD RADIO TL B | 6.29% | 94.19 | 88.62 | 5 |
9 | LASERSHIP TL | 6.12% | 85.35 | 80.42 | 7 |
10 | LIFEPOINT HOSPITALS TL B | 6.01% | 98.16 | 92.59 | 10 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 7/1/23 – 7/31/23
RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
1 | FLINT GROUP PIK 2ND LIEN TL | -39.75% | 25.00 | 41.49 | 4 |
2 | MITEL NETWORKS SO P TL | -38.74% | 33.34 | 54.43 | 3 |
3 | ACCOLADE WINES GBP TL B | -26.48% | 37.19 | 50.59 | 14 |
4 | CONVERGEONE 2ND LIEN TL | -25.86% | 26.10 | 35.21 | 5 |
5 | EXACTECH TL B | -21.20% | 40.00 | 50.76 | 4 |
6 | ZAYO EUR TL | -9.77% | 70.73 | 78.39 | 14 |
7 | QWEST CORPORATION TL B | -9.15% | 69.60 | 76.61 | 9 |
8 | RSA SECURITY LLC TL B | -8.42% | 76.17 | 83.17 | 12 |
9 | NUMERICABLE TL B | -7.58% | 82.13 | 88.86 | 10 |
10 | SANDVINE TL | -7.53% | 86.45 | 93.49 | 5 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/1/23 – 7/31/23
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 7/1/23 – 7/31/23

Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 6/30/23 vs. the month ending 7/31/23
RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
1 | CYANCO TL B | 2 | 128 | 126 | 6300% |
2 | UNIVERSAL SERVICES TL B | 216 | 338 | 122 | 56% |
3 | INEOS FIN TL B | 8 | 126 | 118 | 1475% |
4 | POWER SOLUTIONS TL | 42 | 152 | 110 | 262% |
5 | MERION ROSE MERGER TL B | 54 | 151 | 97 | 180% |
6 | KOUTI BV EUR TL B | 40 | 135 | 95 | 238% |
7 | WYNDHAM HOTELS TL B | 67 | 162 | 95 | 142% |
8 | STARS GROUP TL B | 261 | 355 | 94 | 36% |
9 | XPO LOGISTICS TL B | 114 | 205 | 91 | 80% |
10 | GRAY TELEVISION TL E | 211 | 300 | 89 | 42% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/1/23 – 7/31/23
RANK | TRANCHE | DEALERS |
1 | TRANSDIGM INC. TL I | 18 |
2 | HILEX POLY TL B | 17 |
3 | ZIGGO EUR TL H | 17 |
4 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
5 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
6 | TRANSDIGM INC. TL H | 16 |
7 | NORD ANGLIA EDUCATION FINANC EUR TL B | 16 |
8 | CEVA SANTE ANIMALE EUR TL B | 16 |
9 | TELENET EUR TL | 16 |
10 | NTL CABLE PLC EUR TL R | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/1/23 – 7/31/23

Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/1/23 – 7/31/23
Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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