In this paper, we empirically examine the spreads of syndicated and non-syndicated loans. We compare the spreads from tranches belonging to both types of contracts across deals of similar sizes. Our study of large corporate loans in the US market for the period from 1990 to 2013 shows that the differential between syndicated and non-syndicated spreads are, on average, 19.23 basis points. Moreover, for small and medium loans, the differences are 39.3 and 21.89 basis points, respectively. We use different methodologies and time periods and address endogeneity concerns on the decision of syndication to provide robust empirical evidence that, contrary to some previous studies, syndicated loans are not less expensive than non-syndicated loans and in most cases are significantly more expensive, particularly for small loans.