Syndicated Bank Loans

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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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