Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
March 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 3/31/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Jacobs Engineering Group Inc. | 200 | Term Loan | 3/27/2027 | S+87.5 |
| Jacobs Engineering Group Inc. | 410 | Term Loan | 3/27/2027 | SN+87.5 |
| Dollar Tree Stores Inc. | 1500 | Revolving Credit | 3/21/2030 | S+112.5 |
| Brookfield Properties Pty LTD | 885 | Term Loan | 3/27/2030 | S+275 |
| Lumen Technologies Inc. | Term Loan | 3/31/2032 | S+375 | |
| Madison Iaq LLC | 1750 | Term Loan | 3/24/2032 | S+325 |
| Madison Iaq LLC | 1750 | Term Loan | 3/25/2032 | S+325 |
| Madison Iaq LLC | 1750 | Term Loan | 3/29/2032 | S+325 |
| Arcline FM Hldg, LLC | 1558 | Term Loan | 6/1/2030 | S+350 |
| ASP Blade Holdings Inc. | 637 | Term Loan | 10/15/2029 | S+400 |
| Opella Healthcare Group | 1750 | Term Loan | 3/21/2032 | E+350 |
| Opella Healthcare Group | 3750 | Term Loan | 3/21/2032 | S+325 |
| Murphy Oil USA Inc. | 600 | Term Loan | 3/21/2032 | S+175 |
| Owens & Minor Inc. | 400 | Term Loan | 3/20/2030 | S+525 |
| Level 3 Financing Inc. | 2400 | Term Loan | 3/18/2032 | S+375 |
| Red Oak Power LLC | 40 | Term Loan | 10/31/2030 | S+400 |
| Novolex Holdings Inc. | 225 | Delayed-draw Term Loan | S+325 | |
| Novolex Holdings Inc. | 2685 | Term Loan | 3/17/2032 | S+325 |
| Karman Hldg LLC | 300 | Term Loan | 2/18/2032 | S+350 |
| Clydesdale Acquisition Hldgs Inc. | 50 | Delayed-draw Term Loan | S+325 | |
| Clydesdale Acquisition Hldgs Inc. | 2860 | Term Loan | 3/17/2032 | S+325 |
| Broom Hldgs | 645 | Term Loan | 8/23/2028 | E+350 |
| Tacala LLC | 120 | Term Loan | 1/30/2031 | S+350 |
| Pegasus BidCo BV | 2115 | Term Loan | 7/31/2029 | E+300 |
| ELSAN Groupe | 1800 | Term Loan | 6/30/2031 | E+350 |
| CohnReznick Advisory LLC | 125 | Delayed-draw Term Loan | S+375 | |
| CohnReznick Advisory LLC | 540 | Term Loan | 3/12/2032 | S+375 |
| Celsius Capital PC | 900 | Term Loan | 3/12/2032 | S+325 |
| Avalara Inc. | 2500 | Term Loan | 3/12/2032 | S+325 |
| LCI Industries | 400 | Term Loan | 3/11/2032 | S+225 |
| Allwyn Entertainment Financing PLC | 100 | Term Loan | 6/30/2031 | S+200 |
| Allwyn Entertainment Financing PLC | 450 | Term Loan | 3/11/2032 | E+275 |
| All3media Ltd | 505 | Term Loan | 5/31/2031 | E+350 |
| Valvoline Inc. | 650 | Term Loan | 3/10/2032 | S+225 |
| TSG Solutions | 600 | Term Loan | 3/10/2032 | E+400 |
| Sedgwick CMS Hldg Inc. | 750 | Term Loan | 7/31/2031 | S+300 |
| Pacific Dental Services Inc. | 250 | Term Loan | 3/31/2031 | S+275 |
| Natgasoline | 525 | Term Loan | 3/10/2030 | S+450 |
| IFS | 500 | Term Loan | 3/10/2032 | E+350 |
| IFS | 500 | Term Loan | 3/10/2032 | S+350 |
| Group of Butchers | 705 | Term Loan | 3/10/2032 | E+400 |
| Armacell Intl. GmbH | 730 | Term Loan | 2/28/2030 | E+400 |
| Sixth Street Lending Partners | 2130 | Revolving Credit | 3/4/2030 | |
| Marshall Group | 415 | Term Loan | 3/7/2032 | S+425 |
| Alvogen Pharma US Inc. | 116 | Term Loan | 3/7/2029 | S+1050 |
| Vertical Midco GmbH | 500 | Term Loan | 4/11/2030 | S+350 |
| Root Bidco Sarl | 1110 | Term Loan | 9/30/2030 | S+425 |
| Potomac Energy Center LLC | 525 | Term Loan | 3/5/2032 | S+300 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 3/1/25 – 3/31/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | 7,631 | MEDLINE TL | -0.30% | 99.80 | 100.10 | 14 |
| 2 | 6,145 | MAGNOLIA TL | -1.69% | 88.74 | 90.27 | 14 |
| 3 | 4,750 | ZAYO TL | -2.83% | 92.73 | 95.43 | 14 |
| 4 | 4,741 | INTERNET BRANDS TL B | -3.23% | 94.60 | 97.75 | 13 |
| 5 | 4,525 | TRANSDIGM INC. TL I | -0.27% | 99.88 | 100.16 | 17 |
| 6 | 4,479 | TIBCO TL B | -1.29% | 98.94 | 100.23 | 13 |
| 7 | 4,226 | INSPIRE BRANDS TL B | -0.61% | 99.25 | 99.86 | 15 |
| 8 | 4,001 | CITADEL TL B | 1.17% | 99.86 | 98.70 | 15 |
| 9 | 3,935 | SS&C TECH TL B8 | -0.25% | 99.87 | 100.13 | 18 |
| 10 | 3,859 | ALLIANT HLDGS I INC TL B | -0.85% | 99.31 | 100.16 | 20 |
| 11 | 3,640 | TRANSDIGM INC. TL J | -0.66% | 99.38 | 100.04 | 17 |
| 12 | 3,573 | CDK GLOBAL TL B | -14.10% | 85.73 | 99.81 | 16 |
| 13 | 3,566 | AIR MEDICAL PIK TL B | -0.15% | 99.86 | 100.01 | 11 |
| 14 | 3,420 | RCN GRANDE TL | -6.32% | 85.39 | 91.15 | 13 |
| 15 | 3,393 | GENESYS TELECOM TL B | -0.99% | 98.80 | 99.79 | 10 |
| 16 | 3,380 | SOLERA TL B | 10.10% | 95.52 | 86.76 | 17 |
| 17 | 3,340 | PROOFPOINT TL B | 0.06% | 99.58 | 99.52 | 12 |
| 18 | 3,250 | CORELOGIC TL B | -1.71% | 97.99 | 99.69 | 11 |
| 19 | 3,171 | AKZONOBEL TL B | -0.38% | 99.84 | 100.22 | 12 |
| 20 | 3,119 | EPICOR SOFTWARE TL B | 0.12% | 99.64 | 99.52 | 16 |
| AVERAGE | 4,107 | -1.21% | 96.74 | 97.97 | 14.4 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 3/1/25 – 3/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | ATOS ORIGIN EUR TL | 11.28% | 75.63 | 67.96 | 6 |
| 2 | ANASTASIA BEVERLY HILLS TL B | 5.54% | 86.49 | 81.95 | 8 |
| 3 | PODS TL B | 4.02% | 90.09 | 86.61 | 14 |
| 4 | VIASAT INC TL | 3.61% | 91.83 | 88.63 | 9 |
| 5 | CPM HOLDINGS TL B | 3.45% | 98.18 | 94.91 | 11 |
| 6 | WORLDLINE EUR TL | 3.34% | 69.61 | 67.36 | 13 |
| 7 | COREL TL | 2.33% | 93.94 | 91.80 | 8 |
| 8 | LUMEN TECHNOLOGIES TL B2 | 2.11% | 95.91 | 93.93 | 10 |
| 9 | EW SCRIPPS TL B2 | 2.09% | 99.28 | 97.25 | 13 |
| 10 | GRAY TELEVISION TL B | 2.08% | 96.56 | 94.60 | 12 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 3/1/25 – 3/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | ASCEND PERFORMANCE MATERIALS TL B | -53.62% | 23.78 | 51.28 | 13 |
| 2 | COLISEE PATRIMOINE EUR TL B | -32.93% | 63.53 | 94.72 | 16 |
| 3 | RACKSPACE HOSTING TL B | -18.13% | 46.64 | 56.97 | 14 |
| 4 | LESLIE’S POOLMART TL B | -13.97% | 73.78 | 85.76 | 17 |
| 5 | TROPICANA TL | -12.75% | 52.16 | 59.79 | 14 |
| 6 | PLY GEM TL B | -12.50% | 82.21 | 93.95 | 13 |
| 7 | ACPRODUCTS TL B | -11.61% | 66.22 | 74.91 | 12 |
| 8 | SITEL LLC / SITEL FIN CORP EUR TL B | -10.93% | 60.07 | 67.45 | 10 |
| 9 | HERTZ EXIT TL B | -10.90% | 77.23 | 86.68 | 12 |
| 10 | MULTI-COLOR TL B | -10.24% | 82.97 | 92.43 | 15 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/1/25 – 3/31/25
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 3/1/25 – 3/31/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 2/28/24 vs. the month ending 3/31/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
| 1 | BUCKEYE TL B | 48 | 264 | 216 | 450% |
| 2 | FOCUS FINANCIAL TL B8 | 118 | 317 | 199 | 169% |
| 3 | APPLIED SYSTEMS TL B | 132 | 310 | 178 | 135% |
| 4 | GENUINE FINANCIAL TL B | 84 | 202 | 118 | 140% |
| 5 | ORBITER GROUP EUR TL B | 58 | 175 | 117 | 202% |
| 6 | PQ CORP TL B | 98 | 214 | 116 | 118% |
| 7 | AVATAR PURCHASER TL B | 96 | 197 | 101 | 105% |
| 8 | ONEDIGITAL TL B | 96 | 189 | 93 | 97% |
| 9 | 1-800 CONTACTS TL B | 200 | 289 | 89 | 45% |
| 10 | MOTUS GROUP TL | 38 | 126 | 88 | 232% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/1/25 – 3/31/25
| RANK | TRANCHE | DEALERS |
| 1 | WHITE CAP BUYER LLC TL B | 21 |
| 2 | GOLDEN NUGGET INC TL B | 20 |
| 3 | ALLIANT HLDGS I INC TL B | 20 |
| 4 | HUB INTL LTD TL B | 20 |
| 5 | AMWINS TL B | 20 |
| 6 | ROCKET SOFTWARE TL B | 19 |
| 7 | GO DADDY TL B | 19 |
| 8 | BMC SOFTWARE TL B | 18 |
| 9 | WHATABURGER TL B | 18 |
| 10 | TRANSDIGM INC. TL K | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/1/25 – 3/31/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/1/25 – 3/31/25
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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