Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
september 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 9/30/24

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 9/1/24 – 9/30/24

RANK SIZE (MM) NAME CHANGE PRC PRC-1M DEALERS
1 6,143 MEDLINE TL B -0.23% 99.97 100.20 16
2 5,385 ULTIMATE SOFTWARE TL B -0.23% 99.98 100.21 17
3 5,098 HUB INTL LTD TL B -0.22% 99.82 100.03 18
4 4,750 ZAYO TL -0.80% 91.16 91.90 15
5 4,741 INTERNET BRANDS TL B -0.39% 99.32 99.71 15
6 4,525 TRANSDIGM INC. TL I -0.45% 99.96 100.41 17
7 4,237 INSPIRE BRANDS TL -0.25% 99.84 100.09 14
8 3,900 DIRECTV HLDGS LLC / DIRECTV TL -0.32% 99.93 100.25 16
9 3,859 ALLIANT HLDGS I INC TL B -1.04% 99.43 100.47 15
10 3,640 TRANSDIGM INC. TL J -0.53% 99.57 100.10 17
11 3,573 CDK GLOBAL TL B -1.21% 98.89 100.10 17
12 3,500 WESTINGHOUSE TL B 1.21% 99.96 98.76 15
13 3,500 AMERICAN AIRLINES TL B 2.64% 102.72 100.07 13
14 3,420 RCN GRANDE TL -17.25% 85.53 103.36 12
15 3,380 SOLERA TL B 21.55% 98.26 80.84 16
16 3,340 PROOFPOINT TL B 0.83% 99.95 99.13 14
17 3,340 PROOFPOINT TL B -0.07% 99.95 100.03 14
18 3,300 NTL CABLE PLC TL N -4.44% 95.59 100.03 12
19 3,250 CORELOGIC TL B 2.39% 98.87 96.56 10
20 3,242 GOLDEN NUGGET INC TL B 0.91% 99.60 98.70 16
AVERAGE 4,006 0.11% 98.42 98.55 15.0

Top 10 Outperformers

Showcases the top 10 loan “outperformers” based on the largest bid price increases between 9/1/24 – 9/30/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 ELECTRONICS FOR IMAGING TL 11.30% 87.76 78.85 10
2 ACPRODUCTS TL B 10.99% 83.29 75.04 11
3 CABLEVISION TL B5 8.40% 91.28 84.20 10
4 SPRINGS WINDOW TL B 5.22% 81.52 77.47 9
5 FONCIA GROUPE EUR TL B 5.04% 91.67 87.27 12
6 EW SCRIPPS EXT TL B3 4.77% 88.97 84.92 10
7 VERIZON TL B2 4.75% 91.27 87.13 9
8 LERETA TL B 4.41% 80.00 76.62 10
9 RESTORATION HARDWARE TL B 4.39% 96.07 92.03 8
10 IHEART TL B 3.76% 86.29 83.16 9

Top 10 Underperformers

Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 9/1/24 – 9/30/24

RANK NAME CHANGE PRC PRC-1M DEALERS
1 TROPICANA 2ND LIEN TL -17.91% 60.63 73.86 12
2 AMERICAN TIRE TL B -11.69% 60.05 68.00 12
3 WEST CORP TL B3 -6.78% 88.41 94.84 9
4 WORLDLINE EUR TL -6.46% 76.63 81.92 13
5 TROPICANA TL -6.43% 81.65 87.26 15
6 COLISEE PATRIMOINE EUR TL B -5.54% 91.25 96.60 14
7 ASCEND PERFORMANCE MATERIALS TL B -4.98% 92.11 96.94 10
8 UPSTREAM REHABILITATION TL -4.34% 86.50 90.42 14
9 NEW FORTRESS ENERGY TL B -4.15% 89.57 93.45 11
10 FLEETPRIDE TL B -3.86% 94.11 97.88 9

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/1/24 – 9/30/24

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 9/1/24 – 9/30/24

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 8/31/23 vs. the month ending 9/30/24

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 APPLIED SYSTEMS TL 16 270 254 1588%
2 MCGRAW-HILL GLOBAL TL B 58 261 203 350%
3 BMC SOFTWARE TL 381 569 188 49%
4 CONSTELLATION RENEWABLES TL B 66 254 188 285%
5 CEPSA/MATADOR TL B 49 236 187 382%
6 MITCHELL TL B 230 403 173 75%
7 DIRECTV HLDGS LLC / DIRECTV EXT TL B 261 434 173 66%
8 GRAHAM PACKAGING TL B 291 462 171 59%
9 SITEL LLC / SITEL FIN CORP EUR TL B 67 238 171 255%
10 PQ CORP TL B 115 272 157 137%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 9/1/24 – 9/30/24

RANK TRANCHE DEALERS
1 BMC SOFTWARE TL 20
2 TRANSDIGM INC. TL K 18
3 HUB INTL LTD TL B 18
4 INTERTAPE POLYMER US INC TL 18
5 TRANSDIGM INC. TL I 17
6 HILEX POLY TL B 17
7 ULTIMATE SOFTWARE TL B 17
8 TRANSDIGM INC. TL J 17
9 CDK GLOBAL TL B 17
10 EPICOR SOFTWARE TL 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 9/1/24 – 9/30/24

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 9/1/24 – 9/30/24

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

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