Syndicated Bank Loan Market Summary – May 2024
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Syndicated Bank Loan Market Summary:may 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 5/31/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Starfruit US Star Fi BV | 744 | Term Loan | 4/3/2028 | S+350 |
| Kissner Group Holdings LP | 1540 | Term Loan | 3/16/2027 | S+375 |
| Gates Global LLC | 566 | Term Loan | 11/17/2029 | S+225 |
| SPX Flow Inc. | 1123 | Term Loan | 4/1/2029 | S+350 |
| OAK Hldg 2 GmbH | 1630 | Term Loan | 3/4/2030 | E+215 |
| OAK Hldg 2 GmbH | 2200 | Term Loan | 3/5/2030 | E+215 |
| National Intergovernmental Purchasing Alliance Co. | 2120 | Term Loan | 7/25/2030 | S+325 |
| Gulfside Supply Inc. | 675 | Term Loan | 5/17/2031 | S+300 |
| Boreas Investment LTD | 450 | Term Loan | 9/30/2031 | |
| Asplundh Tree Expert LLC | 1000 | Term Loan | 5/8/2031 | S+175 |
| Presidio Inc. | 1853 | Term Loan | 5/9/2031 | S+375 |
| Bahrain, Kingdom of | 1500 | Term Loan | 2/15/2031 | |
| Energy Solutions Inc. | 637 | Term Loan | 9/20/2030 | S+375 |
| Standard Industries Inc. | 1534 | Term Loan | 9/22/2028 | S+200 |
| Ryan LLC | 97 | Delayed-draw Term Loan | 11/14/2030 | S+350 |
| Ryan LLC | 950 | Term Loan | 11/14/2030 | S+350 |
| GIP III Stetson I | 641 | Term Loan | 5/17/2028 | S+350 |
| Filtration Group Inc. | 1177 | Term Loan | 10/1/2028 | S+350 |
| Stars Group Hldg BV | 1033 | Term Loan | 7/21/2028 | S+175 |
| Vertiv Group Corp | 2113 | Term Loan | 3/2/2027 | S+200 |
| Vertex Aerospace Services Corp. | 907 | Term Loan | 12/6/2030 | S+275 |
| Univision Communications Inc. | 500 | Term Loan | 1/29/2029 | S+350 |
| Sotera Health Hldg, LLC | 1509 | Term Loan | 5/16/2031 | S+325 |
| Peloton Interactive Inc. | 1000 | Term Loan | 5/20/2029 | S+600 |
| Packaging Coordinators Inc. | 1887 | Term Loan | 11/1/2027 | S+325 |
| McAfee Inc. | 1400 | Term Loan | 3/2/2029 | E+350 |
| McAfee Inc. | 5260 | Term Loan | 3/1/2029 | S+325 |
| Mariner Wealth Advisors LLC | 662 | Term Loan | 8/1/2028 | S+300 |
| IMA Financial Group | 891 | Term Loan | 11/1/2028 | S+325 |
| Gray Television | 500 | Term Loan | 5/15/2029 | S+525 |
| First Student Bidco Inc. First Transit Parent Inc. | 697 | Term Loan | 7/21/2028 | S+10 |
| Couplers Bidco AB | 310 | Term Loan | 6/2/2029 | E+550 |
| Cirque Du Soleil | 515 | Term Loan | 3/8/2030 | S+375 |
| Celestica Inc. | 500 | Term Loan | 5/15/2031 | S+175 |
| AssetMark Financial Holdings | 250 | Revolving Credit | 5/23/2031 | |
| Reynolds Group Hldgs Inc. | 1330 | Term Loan | 9/24/2028 | S+250 |
| Learning Care Group Inc. | 896 | Term Loan | 8/1/2028 | S+400 |
| Hamilton Projects Acquiror LLC | 1000 | Term Loan | 5/13/2031 | S+375 |
| Wyndham Hotels & Resorts Inc. | 1535 | Term Loan | 5/25/2030 | S+175 |
| Resideo Technologies | 600 | Term Loan | 2/12/2028 | S+200 |
| MAXIMUS Inc. | 500 | Term Loan | 5/10/2031 | S+200 |
| Go Daddy Operating Co. LLC | 1000 | Term Loan | 5/16/2031 | S+175 |
| Usis | 1413 | Term Loan | 9/29/2030 | S+275 |
| Usis | 2463 | Term Loan | 11/23/2029 | S+275 |
| TransDigm Group Inc. | 3640 | Term Loan | 2/1/2031 | S+250 |
| Qualtrics Intl. | 1369 | Term Loan | 6/1/2030 | S+275 |
| Gates Global LLC | 1300 | Term Loan | 5/20/2031 | S+225 |
| Adco Global Inc. | 210 | Term Loan | 10/12/2026 | E+425 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 5/1/24 – 5/31/24
| 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 | 12 |
| 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 | 10 |
| 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 | 11 |
| 19 | 3,175 | MAGENTA BUYER LLC TL | 19.48% | 59.98 | 50.20 | 10 |
| 20 | 3,100 | ASURION TL B8 | 1.63% | 99.30 | 97.71 | 11 |
| AVERAGE | 3,948 | 1.18% | 96.33 | 95.63 | 13.8 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 5/1/24 – 5/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | LUMILEDS EXIT TL | 63.09% | 46.18 | 28.31 | 11 |
| 2 | LIFESCAN TL B | 25.75% | 45.84 | 36.46 | 8 |
| 3 | RESEARCH NOW TL | 21.48% | 74.75 | 61.54 | 12 |
| 4 | MAGENTA BUYER LLC TL | 19.48% | 59.98 | 50.20 | 10 |
| 5 | TRINSEO TL B | 17.27% | 80.91 | 68.99 | 12 |
| 6 | DUPAGE MEDICAL GROUP TL B | 12.47% | 85.24 | 75.79 | 8 |
| 7 | QUORUM HEALTH EXIT TL | 11.66% | 74.00 | 66.27 | 4 |
| 8 | RSA SECURITY LLC TL B | 10.71% | 86.15 | 77.81 | 8 |
| 9 | EOS US FINCO LLC TL B | 10.27% | 78.29 | 71.00 | 11 |
| 10 | PEDIATRIC ASSOCIATES TL B | 9.42% | 97.65 | 89.24 | 9 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 5/1/24 – 5/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | EXACTECH TL B | -22.95% | 39.68 | 51.51 | 6 |
| 2 | SANDVINE TL | -21.12% | 21.90 | 27.76 | 7 |
| 3 | 24 HOUR FITNESS EXIT TL | -18.70% | 36.58 | 45.00 | 4 |
| 4 | RUNNER BUYER TL B | -18.14% | 57.13 | 69.78 | 10 |
| 5 | CORRECT CARE TL B | -12.64% | 67.86 | 77.68 | 9 |
| 6 | SINCLAIR BROADCAST GROUP INC. TL B4 | -11.98% | 67.32 | 76.49 | 8 |
| 7 | IHEART TL B | -11.00% | 77.62 | 87.22 | 8 |
| 8 | SELECT STAFFING TL B | -10.78% | 71.82 | 80.50 | 11 |
| 9 | BLOUNT TL B | -9.55% | 78.36 | 86.64 | 15 |
| 10 | MULTIPLAN TL B | -9.42% | 83.63 | 92.33 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/1/24 – 5/31/24 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 5/1/24 – 5/31/24
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 4/30/23 vs. the month ending 5/31/24
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | INFOBLOX INC TL | 18 | 250 | 232 | 1289% |
| 2 | MAUSER TL B | 74 | 264 | 190 | 257% |
| 3 | LIFEPOINT HOSPITALS TL B | 78 | 264 | 186 | 238% |
| 4 | BEACON ROOFING TL B | 272 | 456 | 184 | 68% |
| 5 | BISON MIDSTREAM TL B | 26 | 209 | 183 | 704% |
| 6 | JANUS INTERNATIONAL TL B | 2 | 184 | 182 | 9100% |
| 7 | 1-800 CONTACTS TL | 82 | 238 | 156 | 190% |
| 8 | TOPGOLF INTERNATIONAL TL | 76 | 219 | 143 | 188% |
| 9 | TRANSUNION TL B5 | 187 | 325 | 138 | 74% |
| 10 | TRUIST BANK TL B | 143 | 280 | 137 | 96% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/1/24 – 5/31/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TENNECO TL B | 20 |
| 2 | TRANSDIGM INC. TL J | 19 |
| 3 | TRANSDIGM INC. TL I | 19 |
| 4 | FRONERI TL B | 19 |
| 5 | HILEX POLY TL B | 18 |
| 6 | GRAHAM PACKAGING TL B | 18 |
| 7 | PETCO TL B | 18 |
| 8 | DIRECTV TL | 18 |
| 9 | HYPERION TL B | 17 |
| 10 | ALKEGEN TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/1/24 – 5/31/24
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/1/24 – 5/31/24 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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