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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