Syndicated Bank Loan Market Summary – October 2024
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Syndicated Bank Loan Market Summary:October 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 10/31/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Uber Technologies Inc. | 5000 | Revolving Credit | 9/26/2029 | S+100 |
| US Foods Inc. | 725 | Term Loan | 9/20/2031 | S+175 |
| Thunder Genration Funding LLC | 1650 | Term Loan | 9/18/2031 | S+300 |
| Interstate Waste Services Inc. | 926 | Term Loan | 10/1/2030 | S+375 |
| Element Solutions Inc. | 1044 | Term Loan | 12/19/2030 | S+175 |
| DXP Enterprises Inc. | 651 | Term Loan | 10/1/2030 | S+375 |
| Covanta Holding Corp. | 549 | Term Loan | 11/2/2028 | S+250 |
| Covanta Energy Corp. | 30 | Term Loan | 11/1/2028 | S+250 |
| Blackstone CQP Holdco LP | 2200 | Term Loan | 12/31/2030 | S+225 |
| Miter Brands Acquisition | 1654 | Term Loan | 3/28/2031 | S+300 |
| Hertz Corp. | 1255 | Revolving Credit | 9/26/2024 | S+350 |
| Genesys SA | 3402 | Term Loan | 12/3/2027 | S+300 |
| Genesys SA | 536 | Term Loan | 12/1/2027 | E+375 |
| Northriver Midstream Finance LP | 810 | Term Loan | 8/1/2030 | S+225 |
| Innomotics | 560 | Term Loan | 9/16/2031 | S+400 |
| UNIVAR SOLUTIONS INC | 870 | Term Loan | 9/21/2030 | E+375 |
| MSHC Inc | 1225 | Term Loan | 10/30/2027 | S+375 |
| AVS Group GmbH | 995 | Term Loan | 12/10/2029 | E+450 |
| RR Donnelley & Sons Co. | 775 | Term Loan | 8/8/2029 | S+475 |
| McAfee Inc. | 1065 | Term Loan | 7/27/2028 | S+700 |
| McAfee Inc. | 1575 | Term Loan | 7/27/2028 | S+675 |
| Refresco Group B.V. | 400 | Term Loan | 7/12/2029 | S+350 |
| Dragon Buyer, Inc | 1000 | Term Loan | 9/13/2031 | S+325 |
| DFMG Holding GMBH | 1550 | Term Loan | 2/22/2030 | E+400 |
| GC Waves Hldgs Inc. | 857 | Term Loan | 8/10/2029 | S+525 |
| Ingram Micro Inc. | 1160 | Term Loan | 9/16/2031 | S+275 |
| Element Materials Technology Group | 370 | Term Loan | 6/30/2029 | S+400 |
| Auris Luxembourg III SA | 1085 | Term Loan | 3/1/2029 | S+375 |
| Auris Luxembourg III SA | 1900 | Term Loan | 2/28/2029 | E+400 |
| BlueHalo | 532 | Term Loan | 10/31/2025 | S+500 |
| CC SAG Holdings Corp | 545 | Term Loan | 6/29/2028 | |
| Tricor Group (Thevelia (US) LLC) | 1360 | Term Loan | 6/12/2029 | H+400 |
| Univar Inc. | 2740 | Term Loan | 8/31/2030 | S+350 |
| Third Coast Midstream | 925 | Term Loan | 9/3/2030 | S+425 |
| Tacala LLC | 723 | Term Loan | S+350 | |
| Element Materials Technology Group | 1400 | Term Loan | 6/30/2029 | S+400 |
| Element Materials Technology Group | 370 | Term Loan | 7/6/2029 | S+400 |
| ECI Software | 1010 | Term Loan | 5/9/2030 | S+325 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 10/1/24 – 10/31/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,143 | MEDLINE TL B | 0.13% | 100.10 | 99.97 | 16 |
| 2 | 5,385 | ULTIMATE SOFTWARE TL B | 0.05% | 100.03 | 99.98 | 17 |
| 3 | 5,098 | HUB INTL LTD TL B | 0.33% | 100.15 | 99.82 | 19 |
| 4 | 4,750 | ZAYO TL | 2.96% | 93.86 | 91.16 | 14 |
| 5 | 4,741 | INTERNET BRANDS TL B | -0.02% | 99.30 | 99.32 | 16 |
| 6 | 4,525 | TRANSDIGM INC. TL I | 0.24% | 100.20 | 99.96 | 16 |
| 7 | 4,237 | INSPIRE BRANDS TL | 0.09% | 99.93 | 99.84 | 13 |
| 8 | 3,900 | DIRECTV HLDGS LLC / DIRECTV TL | 0.15% | 100.14 | 99.99 | 14 |
| 9 | 3,859 | ALLIANT HLDGS I INC TL B | -0.38% | 99.55 | 99.93 | 20 |
| 10 | 3,573 | CDK GLOBAL TL B | -0.12% | 99.31 | 99.43 | 15 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | 3.21% | 102.78 | 99.57 | 14 |
| 12 | 3,500 | WESTINGHOUSE TL B | 1.18% | 100.06 | 98.89 | 15 |
| 13 | 3,420 | RCN GRANDE TL | -14.87% | 87.44 | 102.72 | 13 |
| 14 | 3,380 | SOLERA TL B | -0.79% | 99.16 | 99.96 | 16 |
| 15 | 3,340 | PROOFPOINT TL B | 16.97% | 100.04 | 85.53 | 13 |
| 16 | 3,300 | NTL CABLE PLC TL N | -1.36% | 96.92 | 98.26 | 12 |
| 17 | 3,250 | CORELOGIC TL B | -0.73% | 99.23 | 99.95 | 12 |
| 18 | 3,242 | GOLDEN NUGGET INC TL B | 4.52% | 99.91 | 95.59 | 17 |
| 19 | 3,236 | PAREXEL INTERNATIONAL TL B | 0.98% | 99.84 | 98.87 | 13 |
| 20 | 3,200 | COMMSCOPE TL B2 | -2.08% | 97.53 | 99.60 | 11 |
| AVERAGE | 3,979 | 0.52% | 98.77 | 98.42 | 14.8 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 10/1/24 – 10/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CONSTELLATION ENTERPRISES 2ND LIEN GBP TL | 5.98% | 74.23 | 70.04 | 10 |
| 2 | SELECT STAFFING TL B | 5.75% | 70.01 | 66.21 | 14 |
| 3 | THE HUT GROUP EUR TL B | 5.28% | 97.01 | 92.14 | 14 |
| 4 | NEW FORTRESS ENERGY TL B | 5.27% | 94.29 | 89.57 | 12 |
| 5 | EW SCRIPPS EXT TL B3 | 4.66% | 93.11 | 88.97 | 12 |
| 6 | RUSSELL INVESTMENT TL B | 4.13% | 89.48 | 85.94 | 7 |
| 7 | NUMERICABLE TL B13 | 4.02% | 84.92 | 81.64 | 10 |
| 8 | HERENS HOLDCO SARL TL B | 3.91% | 97.06 | 93.41 | 6 |
| 9 | COX ENTERPRISES, INC. TL B | 3.77% | 91.13 | 87.82 | 12 |
| 10 | LUMEN TECHNOLOGIES TL B2 | 3.57% | 89.28 | 86.20 | 9 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 10/1/24 – 10/31/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | PRETIUM PACKAGING 2ND LIEN TL | -24.99% | 35.63 | 47.50 | 10 |
| 2 | RSA SECURITY LLC 2ND LIEN TL | -16.52% | 58.29 | 69.82 | 8 |
| 3 | PHYSICIAN PARTNERS TL | -13.81% | 54.87 | 63.66 | 11 |
| 4 | SLV GROUP GMBH EUR TL B | -9.26% | 67.70 | 74.61 | 10 |
| 5 | TELESAT TL B5 | -7.92% | 45.18 | 49.07 | 9 |
| 6 | TROPICANA TL | -7.90% | 75.20 | 81.65 | 20 |
| 7 | RUNNER BUYER TL B | -6.59% | 45.48 | 48.69 | 11 |
| 8 | TRINSEO TL B | -6.49% | 73.73 | 78.85 | 12 |
| 9 | MICHAELS STORES TL | -5.58% | 75.80 | 80.28 | 11 |
| 10 | SITEL LLC / SITEL FIN CORP TL B | -4.19% | 63.17 | 65.93 | 16 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/1/24 – 10/31/24 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 10/1/24 – 10/31/24
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 9/30/23 vs. the month ending 10/31/24
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CLYDESDALE ACQUISITION HOLDINGS INC TL B | 181 | 570 | 389 | 215% |
| 2 | GENESYS TELECOM TL B | 4 | 297 | 293 | 7325% |
| 3 | LIFEPOINT HOSPITALS TL B | 94 | 349 | 255 | 271% |
| 4 | AZZ INC TL B | 68 | 294 | 226 | 332% |
| 5 | MITER BRANDS TL B | 4 | 200 | 196 | 4900% |
| 6 | ALLIANCE LAUNDRY TL B | 205 | 390 | 185 | 90% |
| 7 | MEDLINE TL | 152 | 311 | 159 | 105% |
| 8 | SEDGWICK TL B | 246 | 404 | 158 | 64% |
| 9 | SUMMIT MATERIALS TL B | 192 | 349 | 157 | 82% |
| 10 | EMERALD EXPOSITIONS TL B | 70 | 218 | 148 | 211% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/1/24 – 10/31/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | BMC SOFTWARE TL | 20 |
| 2 | ALLIANT HLDGS I INC TL B | 20 |
| 3 | TROPICANA TL | 20 |
| 4 | AMWINS TL B | 19 |
| 5 | HUB INTL LTD TL B | 19 |
| 6 | WHITE CAP BUYER LLC TL B | 18 |
| 7 | PRINCE MINERALS TL | 18 |
| 8 | FRONERI TL B | 18 |
| 9 | TRANSDIGM INC. TL K | 17 |
| 10 | SS&C TECH TL B8 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/1/24 – 10/31/24
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 10/1/24 – 10/31/24 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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