Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
March 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 3/31//24

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Ankura Consulting Group LLC 577 Term Loan 3/17/2028 S+400
Avantor Performance Materials Inc. 772 Term Loan 11/1/2027 S+200
Tekni Plex Inc. 876 Term Loan 9/17/2028 S+400
Sharp Midco LLC 851 Term Loan 12/1/2028 S+375
NRG Energy Inc. 875 Term Loan 3/19/2031 S+200
Ovation Parent Inc 815 Term Loan 3/15/2031 S+350
Kaman Corp. 815 Term Loan 3/15/2031 S+350
Perforce Software Inc. 375 Term Loan S+475
Truist Bank 3100 Term Loan 3/7/2031 S+325
StandardAero 1993 Term Loan 8/24/2028 S+350
Sequa Corp. 900 Term Loan 3/11/2031 S+375
Aramark Svcs Inc. 730 Term Loan 4/6/2028 S+200
Aramark Svcs Inc. 1095 Term Loan 6/22/2030 S+200
Medline Industries Inc. 6143 Term Loan 10/21/2028 S+275
Kindercare Learning Ctrs Inc. 265 Term Loan 6/12/2030 S+500
Beacon Roofing Supply Inc. 975 Term Loan 5/19/2028 S+200
Vistra Operations Co LLC 700 Term Loan 3/6/2031 S+275
Supplyone, Inc. 770 Term Loan 3/19/2031 S+450
Particle Investments SA R.L. 540 Term Loan 3/12/2031 S+400
Kodiak BP LLC 450 Term Loan 3/12/2028 S+375
IVIGRO 550 Term Loan 3/15/2029 E+450
Alterra Mountain 1988 Term Loan 3/18/2028 S+325
Alterra Mountain 498 Term Loan 3/18/2030 S+350
Windsor Holdings III LLC 2754 Term Loan 8/1/2030 S+400
Apex Tool Group LLC 232 Term Loan 2/8/2030 S+1000
Univar Inc. 2754 Term Loan 8/1/2030 S+400
TransDigm Group Inc. 4525 Term Loan 8/1/2028 S+275
TransDigm Group Inc. 1708 Term Loan 3/1/2030 S+275
HotelBeds 760 Term Loan 9/1/2028 L+450
Hilton Grand Vacations Borrower LLC 1271 Term Loan 8/2/2028 S+250
Ekaterra BV 175 Term Loan 6/14/2029 E+650
Boluda Towage SL 1100 Term Loan 1/1/2030
Vertical Midco GmbH 2841 Term Loan 4/30/2030 S+350
Tibco Software Inc. 1000 Term Loan 3/14/2031 S+450
Icon PLC 238 Term Loan 7/3/2028 S+200
Icon PLC 593 Term Loan 7/2/2028 S+200
Air Canada 1175 Term Loan 3/11/2031 S+250
Empire State Realty Trust Inc. 620 Revolving Credit 3/8/2028 S+130
DAE Aviation Hldg Inc. 769 Term Loan 8/1/2028 S+350
DAE Aviation Hldg Inc. 1793 Term Loan 8/1/2028 S+350
Connect Finco Sarl 1300 Term Loan 9/1/2029 S+450
Canister Intl. Group Inc. 500 Term Loan 3/1/2029 S+400
Stubhub 1953 Term Loan 3/1/2030 S+500
Rackspace Technology Global Inc. 1312 Term Loan 5/15/2028 S+275
Topgolf Callaway Brands Corp 1241 Term Loan 3/16/2030 S+300
Marriott Ownership Resorts Inc. 800 Term Loan 3/11/2031 S+225
LifePoint Health Inc 1850 Term Loan 11/1/2028 S+475
Creative Artists Agency LLC 125 Term Loan 11/26/2028 S+325

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 3/1/24 – 3/31/24

RANK SIZE (MM) NAME CHANGE PRC PRC-1M DEALERS
1 7,270 MEDLINE TL B 0.16% 99.98 99.82 12
2 4,860 HUB INTL LTD TL B -0.06% 99.86 99.91 16
3 4,750 ZAYO TL 6.64% 89.89 84.29 15
4 4,741 INTERNET BRANDS TL B 0.54% 98.34 97.82 12
5 4,559 TRANSDIGM INC. TL I 0.18% 100.20 100.02 22
6 4,050 CITRIX TL B 1.06% 99.08 98.05 12
7 3,900 DIRECTV TL -0.06% 99.83 99.90 14
8 3,580 CDK GLOBAL TL B 0.10% 100.20 100.09 14
9 3,500 WESTINGHOUSE TL B 0.24% 99.63 99.38 11
10 3,500 PILOT TRAVEL TL B 0.13% 99.96 99.83 12
11 3,500 AMERICAN AIRLINES TL B 0.99% 103.36 102.35 12
12 3,450 GOLDEN NUGGET INC TL B 0.32% 100.01 99.68 14
13 3,420 RCN GRANDE TL 1.26% 81.86 80.84 15
14 3,380 SOLERA TL B 0.40% 97.76 97.38 14
15 3,300 NTL CABLE PLC TL N 0.97% 98.95 98.00 11
16 3,200 COMMSCOPE TL B2 2.58% 89.52 87.26 12
17 3,175 MAGENTA BUYER LLC TL -9.00% 59.81 65.73 10
18 3,000 DELTA SKYMILES TL B 0.56% 102.79 102.21 14
19 3,000 CITRIX TL A 1.08% 98.89 97.84 11
20 2,985 HARBOR FREIGHT TL B 0.48% 99.26 98.78 15
AVERAGE 3,856 0.43% 95.96 95.46 13.4

Top 10 Outperformers

Showcases the top 10 loan “outperformers” based on the largest bid price increases between 3/1/24 – 3/31/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 SOUND PHYSICIANS TL 23.03% 55.00 44.70 7
2 HDT GLOBAL TL B 17.40% 58.36 49.71 6
3 MICHAELS STORES TL 9.47% 89.53 81.79 15
4 FRANKLIN ENERGY TL 9.11% 98.45 90.23 6
5 PRETIUM PACKAGING 2ND LIEN TL 6.10% 60.39 56.92 10
6 TOSCA SERVICES TL 5.95% 87.17 82.27 11
7 AIR MEDICAL TL B2 5.90% 93.27 88.07 8
8 HARLAND CLARKE TL 5.27% 96.90 92.05 11
9 CORELOGIC 2ND LIEN TL 4.79% 93.86 89.58 7
10 COMMERCEHUB 2ND LIEN TL B 4.53% 83.76 80.13 6

Top 10 Underperformers

Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 3/1/24 – 3/31/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 RACKSPACE HOSTING TL B -28.95% 30.90 43.48 10
2 HEUBACH GMBH TL B -25.81% 25.88 34.88 9
3 ASTRA ACQUISITION CORP TL B -16.77% 40.35 48.48 9
4 SIRVA WORLDWIDE TL -16.76% 69.92 84.00 6
5 HUBBARD RADIO TL B -15.79% 64.00 76.00 6
6 PHYSICIAN PARTNERS TL -15.66% 74.16 87.93 8
7 WEIGHT WATCHERS TL B -15.41% 44.60 52.73 12
8 SANDVINE TL -15.26% 69.29 81.77 10
9 NUMERICABLE TL B12 -12.47% 85.94 98.19 8
10 SITEL LLC / SITEL FIN CORP EUR TL B -11.96% 85.38 96.98 11

Avg Bid PX by Sector

Displays the average loan bid price by sector between 3/1/24 – 3/31/24

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 3/1/24 – 3/31/24

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 2/29/23 vs. the month ending 3/31/24

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 HILEX POLY TL B 251 450 199 79%
2 SS&C TECH TL B 224 393 169 75%
3 ADVISOR GROUP TL B 14 158 144 1029%
4 HYPERION TL B 248 391 143 58%
5 TRANSUNION TL B 236 378 142 60%
6 CROSBY TL 48 180 132 275%
7 PLANET US BUYER TL B 36 159 123 342%
8 ONE CALL TL B 6 126 120 2000%
9 BUCKEYE TL B3 142 253 111 78%
10 ADIENT GLOBAL TL B 166 272 106 64%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 3/1/24 – 3/31/24

RANK TRANCHE DEALERS
1 TRANSDIGM INC. TL I 19
2 ALKEGEN TL B 18
3 FRONERI TL B 17
4 ZAYO TL 17
5 TRANSDIGM INC. TL J 17
6 HUB INTL LTD TL B 17
7 ZIGGO EUR TL H 17
8 TELENET EUR TL 17
9 GATES GLOBAL TL B3 17
10 EKATERRA EUR TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 3/1/24 – 3/31/24

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 3/1/24 – 3/31/24

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

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