Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
June 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 6/30/24

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Mermaid Bidco Inc. 340 Term Loan 6/21/2031 E+375
Mermaid Bidco Inc. 665 Term Loan 6/20/2031 S+325
Aegion Corp 882 Term Loan 5/18/2028 S+375
Opry Entertainment Group (OEG Borrower LLC) 300 Term Loan 6/17/2031 S+350
Solarwinds Inc. 1236 Term Loan 2/1/2030 S+275
Dealer Tire LLC 1487 Term Loan 6/17/2031 S+350
Carroll County Energy LLC 425 Term Loan 6/11/2031 S+400
Thor Industries Inc. 304 Term Loan 11/8/2030 E+225
Soliant Hldgs LLC 1290 Term Loan 6/23/2031 S+300
Frontier Communications Corp. 1025 Term Loan 6/13/2031 S+350
DRW Hldg, LLC 891 Term Loan 6/17/2031 S+350
Action Nederland BV 700 Term Loan 6/23/2031 E+325
Monotype Imaging Inc. 1200 Term Loan 2/28/2031 S+500
Jazz Pharmaceuticals Inc. 2707 Term Loan 5/8/2028 S+225
BCP V Modular Services Finance PLC 1800 Term Loan 12/21/2028 E+425
Apleona 625 Term Loan 4/29/2028 S+400
Apleona 835 Term Loan 4/1/2028 E+375
Signature Aviation US Hldg Inc. 1663 Term Loan 7/1/2031 S+250
Emerson Electric Co. 1400 Term Loan 6/13/2031 S+225
Ardonagh Midco 3 PLC 400 Term Loan 2/1/2031 E+425
MFG / MRH 1170 Term Loan 6/1/2028 SN+400
MFG / MRH 732 Term Loan 6/1/2028 SN+550
North American Bancard LLC 1051 Term Loan 11/1/2028 S+275
Austin Bidco Inc. 1239 Term Loan 2/15/2029 S+325
Goodyear Tire & Rubber Co. 800 Term Loan 1/14/2028 S+150
Tele Columbus AG & Co. KG 707 Term Loan 10/6/2028
Virtu Financial LLC 1245 Term Loan 6/13/2031 S+275
St. George’s University Scholastic Services LLC 1026 Term Loan 2/1/2029 S+275
Onedigital Borrower LLC 2065 Term Loan 6/5/2031 S+325
Onedigital Borrower LLC 375 Term Loan 6/5/2032 S+525
Oldcastle Building Envelope 1660 Term Loan 4/29/2029 S+425
Marlink Group 300 Term Loan 6/2/2029 E+425
Marlink Group 597 Term Loan 6/1/2029 S+425
GreenWaste Recovery Inc 391 Term Loan 12/12/2028 S+300
EAB Global Inc. 120 Term Loan 5/2/2028 S+325
EAB Global Inc. 877 Term Loan 5/1/2028 S+325
Action Nederland BV 1350 Term Loan 6/13/2031 S+300
Action Nederland BV 400 Term Loan 6/14/2031 E+325
Scientific Games Intl. Inc. 2160 Term Loan 6/12/2029 S+225
Chart Industries Inc. 1631 Term Loan 3/17/2030 S+250
Authentic Brands Group LLC 3333 Term Loan 12/21/2028 S+275
Authentic Brands Group LLC 600 Term Loan 12/22/2028 S+275
TransUnion LLC 1500 Term Loan 5/30/2031 S+175
Sally Beauty Holdings Inc. 396 Term Loan 2/28/2030 S+175
Clarios Global LP 2743 Term Loan 5/1/2030 S+250
Acrisure LLC 1350 Term Loan 2/2/2027 S+300
WhiteWater Whistler Holdings LLC 484 Term Loan 2/16/2030 S+225
Cushman & Wakefield Inc. 993 Term Loan 1/2/2030 S+300

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 6/1/24 – 6/30/24

RANK SIZE (MM) NAME CHANGE PRC PRC-1M DEALERS
1 6,143 MEDLINE TL B 0.42% 100.65 100.23 15
2 5,385 ULTIMATE SOFTWARE TL B 0.24% 100.71 100.47 14
3 4,860 HUB INTL LTD TL B 0.14% 100.63 100.48 16
4 4,750 ZAYO TL -0.23% 86.52 86.72 16
5 4,741 INTERNET BRANDS TL B 0.53% 100.12 99.59 13
6 4,525 TRANSDIGM INC. TL I -0.08% 100.40 100.48 19
7 4,050 CITRIX TL B 0.24% 100.21 99.97 14
8 3,900 DIRECTV TL -0.26% 100.20 100.46 18
9 3,580 CDK GLOBAL TL B 0.45% 100.83 100.38 15
10 3,564 MKS INSTRUMENTS TL B 0.35% 100.43 100.08 13
11 3,500 SEDGWICK TL B 0.10% 100.47 100.37 11
12 3,500 WESTINGHOUSE TL B 0.42% 100.46 100.05 15
13 3,500 AMERICAN AIRLINES TL B -0.20% 103.74 103.95 14
14 3,420 RCN GRANDE TL -1.76% 78.66 80.08 13
15 3,380 SOLERA TL B 0.79% 100.03 99.24 16
16 3,350 THE NIELSEN COMPANY B.V. TL B 2.06% 95.88 93.94 11
17 3,300 NTL CABLE PLC TL N -0.88% 97.21 98.07 13
18 3,242 GOLDEN NUGGET INC TL B 0.07% 100.24 100.18 12
19 3,200 COMMSCOPE TL B2 1.19% 88.71 87.67 10
20 3,175 MAGENTA BUYER LLC TL 19.48% 59.98 50.20 10
AVERAGE 3,953 1.15% 95.80 95.13 13.9

Top 10 Outperformers

Showcases the top 10 loan “outperformers” based on the largest bid price increases between 6/1/24 – 6/30/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 RSA SECURITY LLC 2ND LIEN TL 41.16% 78.91 55.90 8
2 TELE COLUMBUS EUR TL 8.73% 69.26 63.69 9
3 EOS US FINCO LLC EUR TL B 6.40% 80.17 75.34 9
4 DELL SOFTWARE GROUP 2ND LIEN TL 5.39% 49.02 46.52 9
5 AMC ENTERTAINMENT TL B1 5.37% 94.62 89.80 15
6 CABLEVISION TL B5 5.16% 82.93 78.86 13
7 AVAYA EXIT PIK TL 4.65% 86.11 82.29 8
8 HEARTHSIDE FOODS TL B2 4.42% 72.84 69.76 9
9 EMPIRE TODAY TL 4.29% 75.20 72.11 12
10 KLOECKNER EUR TL B 3.66% 89.28 86.12 16

Top 10 Underperformers

Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 6/1/24 – 6/30/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 NUTRISYSTEM TL B -26.42% 62.23 84.58 10
2 LANDESK 2ND LIEN TL -17.67% 65.80 79.92 9
3 CBS RADIO INC TL B -12.06% 47.00 53.45 8
4 ALLEN MEDIA TL B -11.63% 73.84 83.56 6
5 PACKERS HOLDINGS TL -9.69% 53.29 59.01 7
6 MEDICAL SOLUTIONS TL -8.28% 74.61 81.34 10
7 LASERSHIP 2ND LIEN TL -7.82% 71.28 77.33 7
8 CORRECT CARE TL B -7.43% 62.82 67.86 9
9 VERIZON TL B2 -7.34% 87.00 93.89 7
10 CISION TL B -6.87% 61.30 65.83 10

Avg Bid PX by Sector

Displays the average loan bid price by sector between 6/1/24 – 6/30/24

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 6/1/24 – 6/30/24

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 5/31/23 vs. the month ending 6/30/24

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 PROOFPOINT TL B 52 273 221 425%
2 AUTHENTIC BRANDS TL B1 17 226 209 1229%
3 BUCKEYE TL B2 84 290 206 245%
4 TRONOX PIGMENTS TL B 124 270 146 118%
5 ION TRADING TL B 2 148 146 7300%
6 CDK GLOBAL TL B 184 322 138 75%
7 RCS CAPITAL TL B 98 234 136 139%
8 AKZONOBEL EUR TL B 4 126 122 3050%
9 MEDIWARE TL 46 155 109 237%
10 QLIK TECHNOLOGIES TL B 240 348 108 45%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 6/1/24 – 6/30/24

RANK TRANCHE DEALERS
1 VERIFONE TL B 18
2 TENNECO TL B 18
3 TRANSDIGM INC. TL K 18
4 BMC SOFTWARE TL B 17
5 HUB INTL LTD TL B 17
6 HILEX POLY TL B 17
7 BERRY PLASTICS TL 17
8 TRANSDIGM INC. TL I 17
9 DAVITA TL B 17
10 FRONERI TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 6/1/24 – 6/30/24

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 6/1/24 – 6/30/24

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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