Syndicated Bank Loan Market Summary – July 2024
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Syndicated Bank Loan Market Summary:July 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 7/31/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Allegro Microsystems Inc. | Term Loan | 400 | 10/1/2030 | S+225 |
| Touchdown Acquirer Inc | Term Loan | 890 | 2/21/2031 | S+325 |
| MJH Life Sciences | Term Loan | 714 | 1/29/2029 | S+325 |
| Iridium Communications Inc. | Term Loan | 200 | 9/20/2030 | S+225 |
| Graham Packaging Co. LP | Term Loan | 1390 | 8/5/2027 | S+250 |
| Garda World Security Corp. | Term Loan | 2322 | 6/29/2029 | S+350 |
| Arsenal AIC Parent LLC | Term Loan | 1414 | 8/18/2030 | S+350 |
| CHG Healthcare Services Inc. | Term Loan | 370 | 9/2/2028 | S+350 |
| CHG Healthcare Services Inc. | Term Loan | 577 | 9/1/2028 | S+350 |
| AAL Delaware Holdco Inc | Term Loan | 775 | 7/10/2031 | S+350 |
| Novolex Holdings Inc. | Term Loan | 2440 | 4/14/2029 | S+325 |
| PAREXEL International Corp. | Term Loan | 3236 | 11/2/2028 | S+300 |
| Nuvei Technologies Corp. | Term Loan | 2650 | 7/8/2031 | S+300 |
| LTI Hldg Inc. | Term Loan | 1800 | 7/16/2029 | S+475 |
| Fairbanks Morse | Term Loan | 1291 | 6/23/2028 | S+450 |
| Vizient Inc. | Term Loan | 1100 | 7/8/2031 | S+200 |
| US Silica Co. | Term Loan | 775 | 7/1/2031 | S+450 |
| Thor Industries Inc. | Term Loan | 350 | 11/8/2030 | S+225 |
| Mavis Tire Supply LLC | Term Loan | 2489 | 5/5/2028 | S+350 |
| Global Business Travel | Term Loan | 1400 | 7/26/2031 | S+300 |
| ExGen Renewables IV LLC | Term Loan | 630 | 12/15/2027 | S+225 |
| Paragon Films Inc. | Term Loan | 306 | 12/16/2028 | S+425 |
| Greystar Real Estate Partners LLC | Term Loan | 491 | 7/17/2030 | S+275 |
| Compass Investors Inc. | Term Loan | 1413 | 9/27/2030 | S+275 |
| Arconic Rolled Products Corp. | Term Loan | 1414 | 7/16/2030 | S+350 |
| Air Control Concepts Holdings LP | Delayed-draw Term Loan | 75 | 5/7/2031 | S+325 |
| Air Control Concepts Holdings LP | Term Loan | 750 | 7/5/2031 | S+325 |
| BCPE Max Dutch Bidco BV | Term Loan | 515 | 10/25/2027 | E+525 |
| Wilsonart LLC | Term Loan | 1060 | 7/15/2031 | S+375 |
| Likewize Corp | Delayed-draw Term Loan | 50 | S+550 | |
| Likewize Corp | Term Loan | 550 | 7/15/2031 | S+550 |
| Edgewater Generation LLC | Term Loan | 975 | 7/15/2030 | |
| Ahead DB Borrower LLC | Term Loan | 1212 | 2/1/2031 | S+350 |
| Serta Simmons Holdings LLC | Term Loan | 25 | 6/29/2028 | S+750 |
| Tricor Group (Thevelia (US) LLC) | Term Loan | 1376 | 6/2/2029 | S+325 |
| Corp Service Co. | Term Loan | 936 | 11/4/2029 | S+250 |
| Bellis Acquisition Company PLC | Term Loan | 770 | 5/30/2029 | SN+675 |
| Exact Hldg NV | Term Loan | 500 | 11/1/2030 | S+400 |
| ASDA Group PLC | Term Loan | 1050 | 5/2/2031 | S+425 |
| ONE Hotels GmbH | Term Loan | 800 | 4/2/2031 | S+475 |
| ONE Hotels GmbH | Term Loan | 800 | 3/25/2031 | S+450 |
| Turkiye Vakiflar Bankasi | Term Loan | 513 | 5/10/2025 | E+225 |
| Wand Newco 3 Inc. | Term Loan | 2725 | 1/31/2031 | S+325 |
| Ring Container Technologies | Term Loan | 780 | 8/13/2028 | S+325 |
| BMC Software Inc. | Term Loan | 750 | 7/7/2032 | S+600 |
| Keter Group BV | Term Loan | 725 | 3/6/2029 | E+475 |
| Worldline SA | Revolving Credit | 1125 | 7/1/2029 | |
| Matador Bidco SA R.L. | Term Loan | 710 | 7/1/2029 | S+425 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 7/1/24 – 7/31/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,143 | MEDLINE TL B | 0.11% | 100.28 | 100.16 | 16 |
| 2 | 5,385 | ULTIMATE SOFTWARE TL B | -0.06% | 100.28 | 100.35 | 16 |
| 3 | 5,098 | HUB INTL LTD TL B | -0.15% | 100.08 | 100.23 | 10 |
| 4 | 4,860 | HUB INTL LTD TL B | 15.29% | 100.09 | 86.82 | 16 |
| 5 | 4,750 | ZAYO TL | -10.88% | 89.01 | 99.88 | 16 |
| 6 | 4,741 | INTERNET BRANDS TL B | -0.44% | 99.71 | 100.16 | 14 |
| 7 | 4,525 | TRANSDIGM INC. TL I | 0.35% | 100.24 | 99.89 | 16 |
| 8 | 3,935 | SS&C TECH TL B8 | 0.23% | 100.34 | 100.11 | 16 |
| 9 | 3,900 | DIRECTV TL | 0.25% | 100.20 | 99.95 | 16 |
| 10 | 3,573 | CDK GLOBAL TL B | -1.27% | 98.95 | 100.22 | 11 |
| 11 | 3,566 | AIR MEDICAL PIK TL B | -1.04% | 97.44 | 98.47 | 11 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | 6.90% | 103.36 | 96.69 | 14 |
| 13 | 3,500 | WESTINGHOUSE TL B | -2.87% | 100.21 | 103.17 | 14 |
| 14 | 3,500 | SEDGWICK TL B | 0.10% | 100.13 | 100.03 | 11 |
| 15 | 3,420 | RCN GRANDE TL | -17.32% | 82.64 | 99.95 | 15 |
| 16 | 3,380 | SOLERA TL B | 24.12% | 100.06 | 80.61 | 15 |
| 17 | 3,350 | THE NIELSEN COMPANY B.V. TL B | -5.88% | 94.06 | 99.93 | 10 |
| 18 | 3,340 | PROOFPOINT TL B | 6.17% | 100.27 | 94.44 | 12 |
| 19 | 3,300 | NTL CABLE PLC TL N | -3.97% | 96.08 | 100.06 | 12 |
| 20 | 3,250 | CORELOGIC TL B | 2.94% | 98.31 | 95.51 | 11 |
| AVERAGE | 4,051 | 0.63% | 98.09 | 97.83 | 13.6 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 7/1/24 – 7/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | IHEART TL B | 9.12% | 84.19 | 77.16 | 9 |
| 2 | LUMEN TECHNOLOGIES TL B2 | 8.40% | 72.27 | 66.67 | 7 |
| 3 | EW SCRIPPS EXT TL B3 | 6.73% | 88.82 | 83.23 | 11 |
| 4 | LANDESK TL B | 5.94% | 83.12 | 78.45 | 14 |
| 5 | COX ENTERPRISES, INC. TL B | 5.74% | 83.89 | 79.34 | 13 |
| 6 | SINCLAIR BROADCAST GROUP INC. TL B4 | 5.33% | 70.48 | 66.91 | 8 |
| 7 | VERIFONE TL B | 5.32% | 86.19 | 81.83 | 15 |
| 8 | NUMERICABLE TL B13 | 5.09% | 79.85 | 75.99 | 7 |
| 9 | AMC ENTERTAINMENT TL B1 | 4.32% | 98.71 | 94.62 | 16 |
| 10 | LIGHTPATH TL | 4.09% | 99.21 | 95.32 | 6 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 7/1/24 – 7/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CISION TL B | -16.76% | 51.03 | 61.30 | 10 |
| 2 | SPRINGS WINDOW TL B | -11.73% | 75.30 | 85.30 | 15 |
| 3 | SITEL LLC / SITEL FIN CORP TL B | -10.41% | 69.03 | 77.05 | 12 |
| 4 | MICHAELS STORES TL | -9.01% | 81.39 | 89.44 | 13 |
| 5 | LASERSHIP TL | -8.43% | 77.61 | 84.76 | 8 |
| 6 | SELECT STAFFING TL B | -7.94% | 63.04 | 68.48 | 14 |
| 7 | VERIZON TL B2 | -7.38% | 80.58 | 87.00 | 8 |
| 8 | TROPICANA 2ND LIEN TL | -6.77% | 74.58 | 80.00 | 10 |
| 9 | ACPRODUCTS TL B | -6.11% | 79.20 | 84.35 | 11 |
| 10 | LESLIE’S POOLMART TL B | -5.56% | 93.34 | 98.84 | 16 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/1/24 – 7/31/24 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 7/1/24 – 7/31/24
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 6/30/23 vs. the month ending 7/31/24
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | UTZ QUALITY FOODS TL | 78 | 327 | 249 | 319% |
| 2 | US SALT TL B | 187 | 411 | 224 | 120% |
| 3 | INNOVATIVE XCESSORIES TL | 70 | 283 | 213 | 304% |
| 4 | EDELMAN FINANCIAL TL B | 154 | 334 | 180 | 117% |
| 5 | EPICOR SOFTWARE TL | 281 | 452 | 171 | 61% |
| 6 | REYNOLDS GROUP HOLDINGS LIMITED TL B3 | 344 | 514 | 170 | 49% |
| 7 | SURGEY CENTER TL | 194 | 362 | 168 | 87% |
| 8 | NORTH AMERICAN BANCARD TL B | 36 | 201 | 165 | 458% |
| 9 | SIVANTOS EUR TL B | 116 | 280 | 164 | 141% |
| 10 | IRIDIUM SATELLITE TL B | 117 | 274 | 157 | 134% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/1/24 – 7/31/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HILEX POLY TL B | 18 |
| 2 | AMWINS TL B | 18 |
| 3 | TENNECO TL B | 18 |
| 4 | ALLIANT HLDGS I INC TL B6 | 17 |
| 5 | BMC SOFTWARE TL B | 17 |
| 6 | TRANSDIGM INC. TL K | 17 |
| 7 | HUB INTL LTD TL B | 16 |
| 8 | ULTIMATE SOFTWARE TL B | 16 |
| 9 | STATION CASINO TL B | 16 |
| 10 | TRANSDIGM INC. TL I | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/1/24 – 7/31/24
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/1/24 – 7/31/24 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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