Syndicated Bank Loan Market Summary – July 2025
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Syndicated Bank Loan Market Summary: July 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 7/31/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Univision Communications Inc. | – | Term Loan | 3/1/2026 | S+325 |
| Flexsys Inc. Of Ohio | 392 | Term Loan | 8/1/2029 | S+525 |
| Franchise Group Intermediate Holdco LLC | 438 | Term Loan | 6/6/2030 | S+800 |
| Sandvine Corp. | – | Term Loan | 10/3/2025 | – |
| Speedster Bidco GmbH | 1060 | Term Loan | 10/17/2031 | E+350 |
| Helios Software Hldgs Inc. | – | Term Loan | 7/18/2030 | – |
| Gate Gourmet Borrower LLC | 675 | Term Loan | 5/28/2032 | E+425 |
| Silgan Holdings Inc. | 830 | Term Loan | 11/9/2027 | S+175 |
| Herman Miller Inc. | 550 | Term Loan | 7/23/2032 | S+275 |
| Olympus Water US Holding Corp. | 800 | Term Loan | 7/24/2032 | S+325 |
| Belron SA | – | Term Loan | 10/16/2031 | S+250 |
| Sequa Corp. | 891 | Term Loan | 3/27/2031 | S+350 |
| Nuvei Technologies Corp. | 2643 | Term Loan | 11/15/2031 | S+275 |
| Johnson Controls International PLC | – | Term Loan | 1/30/2032 | S+300 |
| Rubix Group | 100 | Term Loan | 9/30/2028 | E+400 |
| STADA Arzneimittel AG | 170 | Term Loan | 5/28/2032 | SN+475 |
| Lummus Technology Holdings V LLC | 1235 | Term Loan | 12/1/2029 | S+250 |
| EG Group | 42 | Term Loan | 2/7/2028 | SN+650 |
| Jacobs Douwe Egberts Intl. BV | 1000 | Term Loan | 3/5/2025 | – |
| PS Logistics | – | Term Loan | 9/30/2028 | S+375 |
| WP AP Telecom Hldg | 500 | Revolving Credit | 11/19/2028 | – |
| Rubix Group | 1470 | Term Loan | 9/30/2026 | E+425 |
| TK Elevator US Newco Inc. | 500 | Term Loan | 4/30/2030 | E+400 |
| Flint Group | 550 | Term Loan | 6/1/2026 | S+800 |
| UNIVAR SOLUTIONS INC | 128 | Term Loan | 8/25/2030 | E+425 |
| HotelBeds | 947 | Term Loan | 9/12/2027 | E+425 |
| Physician Partners LLC | 210 | Term Loan | 12/31/2029 | S+400 |
| Nourish Buyer | – | Term Loan | 7/8/2032 | S+450 |
| Restaurant Brands Intl. Inc. | 898 | Term Loan | 10/17/2031 | E+375 |
| Priority Payment Systems Hldgs LLC | – | Term Loan | 7/22/2032 | S+400 |
| Southern Veterinary Partners LLC | 2993 | Term Loan | 12/4/2031 | S+275 |
| Distributed Power Inc. | 322 | Term Loan | 10/11/2025 | E+425 |
| Visma ASA | 764 | Term Loan | 12/8/2028 | E+400 |
| Eroski Sociedad Cooperativa | 836 | Term Loan | 7/30/2024 | E+250 |
| Diamond Sports Group, LLC | 450 | Term Loan | 11/30/2024 | S+1000 |
| PRA Holdings Inc. | 125 | Term Loan | 4/28/2028 | – |
| Summit Midstream Holdings LLC | 160 | Delayed-draw Term Loan | 3/8/2028 | S+237.5 |
| Trimark USA LLC | 92 | Term Loan | 12/15/2031 | S+1100 |
| Accorinvest Group SA | 250 | Revolving Credit | 12/10/2025 | E+280 |
| Owens-Brockway Glass Container Inc. | – | Term Loan | 3/25/2027 | – |
| Hurtigruten Group AS | 90 | Term Loan | 1/31/2030 | E+800 |
| Hurtigruten Group AS | 345 | Term Loan | 9/1/2027 | E+650 |
| Hurtigruten Group AS | 74 | Term Loan | 9/30/2024 | E+800 |
| Lakeview Loan Servicing LLC | 43 | Term Loan | 12/21/2028 | S+325 |
| Quest Software US Holdings Inc | 85 | Term Loan | 2/2/2029 | S+425 |
| Lernen US Finco LLC | 625 | Term Loan | 10/1/2031 | S+350 |
| OCU Group LTD | 275 | Term Loan | 10/25/2031 | SN+550 |
| Summit Acquisition Inc | 712 | Term Loan | – | S+350 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 7/1/25 – 7/31/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,631 | MEDLINE BORROWER LP (USD) TL S+225 10/21/2028 | 0.02% | 100.03 | 100.01 | 13 |
| 2 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | 1.08% | 88.98 | 88.03 | 12 |
| 3 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | 0.31% | 95.19 | 94.89 | 14 |
| 4 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | 2.12% | 95.26 | 93.29 | 13 |
| 5 | 4,690 | BELRON UK FIN PLC (USD) TL B S+275 10/1/2031 | -0.11% | 100.30 | 100.41 | 14 |
| 6 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | -0.20% | 100.15 | 100.36 | 12 |
| 7 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | 0.17% | 100.32 | 100.15 | 18 |
| 8 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | 0.54% | 99.62 | 99.09 | 12 |
| 9 | 4,230 | TK ELEVATOR (US) NEWCO INC TL B | 0.27% | 100.49 | 100.22 | 16 |
| 10 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | -0.38% | 99.63 | 100.01 | 17 |
| 11 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | 0.32% | 100.24 | 99.92 | 10 |
| 12 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | -0.06% | 100.31 | 100.37 | 15 |
| 13 | 3,900 | DIRECTV FNCG LLC (USD) TL L+500 8/2/2027 | -0.36% | 100.12 | 100.49 | 10 |
| 14 | 3,859 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | -0.32% | 99.94 | 100.26 | 21 |
| 15 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | 0.25% | 100.27 | 100.02 | 17 |
| 16 | 3,573 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | -18.82% | 81.33 | 100.18 | 18 |
| 17 | 3,566 | AIR MEDICAL (USD) PIK TL B S+550 10/2/2028 | 19.97% | 100.04 | 83.39 | 11 |
| 18 | 3,515 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | -0.13% | 100.04 | 100.16 | 21 |
| 19 | 3,491 | WESTINGHOUSE (USD) TL B S+250 1/5/2031 | 0.16% | 100.04 | 99.88 | 16 |
| 20 | 3,393 | GENESYS TELECOM (USD) TL B S+250 1/23/2032 | -0.18% | 99.85 | 100.03 | 12 |
| AVERAGE | 4,338 | 0.23% | 98.11 | 98.06 | 14.6 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 7/1/25 – 7/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CASINO GUICHARD (EUR) TL B 3/30/2027 | 15.76% | 62.25 | 53.77 | 12 |
| 2 | LIBERTY LATIN AMERICA (USD) TL B L+375 10/16/2028 | 15.66% | 75.30 | 65.10 | 6 |
| 3 | RACKSPACE FIN LLC (USD) TL B S+275 5/15/2028 | 14.37% | 51.70 | 45.21 | 13 |
| 4 | TWIN RIVER (USD) TL B L+325 10/2/2028 | 11.06% | 98.13 | 88.35 | 11 |
| 5 | VERIZON (USD) TL B2 L+550 9/1/2027 | 6.52% | 95.31 | 89.48 | 8 |
| 6 | ANASTASIA BEVERLY HILLS (USD) TL B L+375 8/11/2025 | 5.28% | 86.79 | 82.44 | 9 |
| 7 | PARTS AUTHORITY (USD) TL L+350 10/28/2027 | 4.35% | 79.89 | 76.57 | 11 |
| 8 | NUMERICABLE (USD) TL B11 L+275 7/31/2025 | 4.28% | 90.25 | 86.55 | 7 |
| 9 | QUIRCH FOODS (USD) TL B L+450 10/27/2027 | 4.07% | 97.19 | 93.39 | 10 |
| 10 | LEAF HOME SOLUTIONS (USD) TL S+475 2/16/2029 | 3.78% | 94.73 | 91.27 | 8 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 7/1/25 – 7/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | LESLIE’S POOLMART (USD) TL B L+275 3/9/2028 | -32.08% | 47.53 | 69.98 | 14 |
| 2 | RINCHEM (USD) TL S+450 3/2/2029 | -17.64% | 53.28 | 64.70 | 10 |
| 3 | NAPA MANAGEMENT SERVICES (USD) TL B L+525 2/23/2029 | -17.37% | 66.10 | 80.00 | 8 |
| 4 | POSEIDON BIDCO SASU (EUR) TL S+500 3/13/2030 | -13.01% | 58.50 | 67.25 | 10 |
| 5 | AMEDES GROUP (EUR) TL B E+375 10/12/2028 | -8.80% | 80.59 | 88.36 | 11 |
| 6 | MAGNOLIA (USD) 2L TL L+775 2/1/2029 | -8.60% | 63.61 | 69.59 | 10 |
| 7 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | -7.65% | 76.75 | 83.10 | 12 |
| 8 | COLISEE PATRIMOINE (EUR) TL B E+375 11/30/2027 | -7.15% | 53.91 | 58.07 | 12 |
| 9 | CERBA HEALTHCARE (EUR) TL D E+500 2/16/2029 | -5.40% | 72.84 | 77.00 | 12 |
| 10 | KIK CUSTOM (USD) TL B S+400 6/26/2031 | -4.88% | 85.02 | 89.38 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/1/25 – 7/31/25 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 7/1/25 – 7/31/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 6/30/24 vs. the month ending 7/31/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ESMALGLASS (EUR) TL B E+475 3/30/2029 | 82 | 256 | 174 | 212% |
| 2 | SCOUT24 (EUR) TL B E+375 12/10/2031 | 46 | 210 | 164 | 357% |
| 3 | CERBA HEALTHCARE (EUR) TL B E+375 5/24/2028 | 2 | 164 | 162 | 8100% |
| 4 | SYNLAB (EUR) TL B E+475 4/18/2031 | 90 | 250 | 160 | 178% |
| 5 | EMERSON ELECTRIC CO TL B | 313 | 463 | 150 | 48% |
| 6 | EDELMAN FINANCIAL (USD) TL B S+300 4/7/2028 | 243 | 393 | 150 | 62% |
| 7 | PRO MACH (USD) TL B S+300 8/31/2028 | 280 | 418 | 138 | 49% |
| 8 | INTL GAME TECH PLC (USD) TL B S+475 7/1/2032 | 242 | 378 | 136 | 56% |
| 9 | ROPER INDS INC NEW (USD) TL B S+275 11/22/2029 | 98 | 232 | 134 | 137% |
| 10 | SIGNATURE AVIATION US HLDGS INC (USD) TL B S+275 7/1/2031 | 268 | 400 | 132 | 49% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/1/25 – 7/31/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 22 |
| 2 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 21 |
| 3 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 21 |
| 4 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | 21 |
| 5 | TRICORBRAUN (USD) TL B L+325 3/3/2028 | 20 |
| 6 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 20 |
| 7 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 20 |
| 8 | WHATABURGER (USD) TL B S+250 8/3/2028 | 19 |
| 9 | HARBOR FREIGHT (USD) TL B S+250 6/5/2031 | 19 |
| 10 | EMERSON ELECTRIC CO TL B | 19 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/1/25 – 7/31/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/1/25 – 7/31/25 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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