Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 11/18/22

Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.

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New Issues
Forward Calendar
Largest Loans
Top 10 Performers
Bottom 10 Performers
Average Bid Price
Market Sentiment
Top Movers
Most Quoted Loans
Bid & Offer Volume
Bid Offer Spread

New Issues

Loans issued during the week ending 11/18/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
USI Corp. 2500 Term Loan 11/14/29 S+375
Open Text Corp. 3585 Term Loan 11/4/29 S+360

forward calendar

Forward calendar during the week ending 11/18/22

Issuer Deal Information Banks Expected Issue Date
Applied Systems Inc. $2.476 credit facilities: $80MM RC; $1.79B TL; $606MM TL NMA, JEFF Q4 2022
Maxlinear Inc. $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB WF, BMO, CTZ, TRS Q4 2022
Moneygram International Inc. $850MM credit facilities: $150MM RC; $700MM TL GS, DB, BCLY, WF Q4 2022
Ripic Holdings $2.25B credit facilities: $300MM RC; $1.95 TLs UBS, RBC, BNP, BMO, MIZ, NTXS Q4 2022
Tegna Inc. $4B credit facilities: $500MM RC; $3.5B TL RBC, BofA, GS, TRS, BNP, CS, JEFF, MIZ, TD, BCLY, DB, MUFG, CTB, SMBC Q4 2022

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 11/10/22 – 11/18/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,000 UNITED CONTINENTAL TL B -0.12% 98.31 98.42 13
2 4,750 ZAYO TL -5.57% 74.08 78.45 12
3 4,700 CAESARS RESORT COLLECTION TL B -0.07% 99.10 99.16 14
4 4,463 ULTIMATE SOFTWARE TL B -0.52% 96.47 96.98 10
5 3,900 DIRECTV TL 0.14% 95.47 95.33 12
6 3,600 CDK GLOBAL TL -0.24% 98.50 98.73 13
7 3,582 MISYS TL B 0.19% 90.55 90.38 15
8 3,524 TRANSDIGM INC. TL F -0.11% 98.38 98.49 16
9 3,515 LIFEPOINT HOSPITALS TL B 0.43% 92.27 91.87 10
10 3,500 PILOT TRAVEL TL B 0.42% 98.38 97.97 10
11 3,500 AMERICAN AIRLINES TL B -0.23% 99.45 99.68 11
12 3,450 GOLDEN NUGGET INC TL B -0.32% 95.68 95.99 11
13 3,400 REFRESCO HOLDING EUR TL B 0.32% 95.75 95.44 12
14 3,380 SOLERA TL B -0.35% 94.26 94.59 16
15 3,325 CINEWORLD TL B -4.32% 27.93 29.19 16
16 3,312 HUB INTL LTD TL B -0.11% 98.04 98.15 12
17 3,300 NTL CABLE PLC TL N -0.31% 97.35 97.65 11
18 3,222 DIAMOND SPORTS 2ND LIEN TL -5.44% 17.03 18.01 12
19 3,190 INTELSAT EXIT TL B 0.51% 97.07 96.58 10
20 3,100 TRANSUNION TL B6 -0.41% 98.38 98.78 10
AVERAGE 3,686 -0.81% 88.12 88.49 12.3

Top 10 Performers

Showcases the top 10 loan performers based on the largest bid price increases between 11/10/22 – 11/18/22

RANK NAME CHANGE PX PX-1W
1 SIGMA BIDCO EUR TL B1 6.33% 89.67 84.33
2 ICP GROUP TL 5.88% 83.98 79.32
3 COOPER STANDARD TL B 5.76% 95.70 90.49
4 EPIC CRUDE TL B 5.61% 87.84 83.17
5 PRINCE MINERALS TL 4.30% 84.14 80.67
6 ASURION 2ND LIEN TL B4 4.07% 77.36 74.33
7 TRINSEO TL B 3.43% 93.26 90.17
8 CENGAGE TL B 3.12% 91.93 89.15
9 CORELOGIC TL B 3.01% 76.34 74.12
10 EDGEWATER GENERATION TL B 2.99% 93.35 90.64

Bottom 10 Perfromers

Showcases the bottom 10 loan performers based on the largest bid price decreases between 11/10/22 – 11/18/22

RANK NAME CHANGE PX PX-1W
1 NATIONAL CINEMEDIA TL B -8.06% 36.43 39.63
2 ZAYO TL -5.57% 74.08 78.45
3 AMC ENTERTAINMENT TL B1 -4.58% 58.76 61.58
4 ADVANTAGE SALES TL B -4.42% 81.42 85.18
5 PACKERS HOLDINGS TL -4.03% 88.51 92.23
6 IMPRIVATA INC TL -3.60% 94.82 98.36
7 LANDESK 2ND LIEN TL -3.41% 59.41 61.50
8 RCN GRANDE TL -3.30% 88.68 91.71
9 PLASKOLITE TL -3.07% 90.35 93.21
10 PATHWAY PARTNERS VET MANAGEMENT TL -2.30% 89.22 91.33

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/23/22 – 9/30/22

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 11/10/22 – 11/18/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 11/10/22 vs. the week ending 11/18/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 UNITED NATURAL FOODS TL B 52 88 36 69%
2 HILEX POLY TL B 78 112 34 44%
3 STARS GROUP TL B 52 86 34 65%
4 GATES GLOBAL TL B 54 88 34 63%
5 KIK CUSTOM TL B 64 96 32 50%
6 DAE AVIATION TL 74 106 32 43%
7 UNITED CONTINENTAL TL B 52 84 32 62%
8 DELTA SKYMILES TL B 54 86 32 59%
9 MESSER INDUSTRIES TL B 62 94 32 52%
10 BERRY PLASTICS TL Z 69 100 31 45%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 11/10/22 – 11/18/22

RANK TRANCHE DEALERS
1 CINEWORLD TL B 19
2 CONVERGEONE TL B 18
3 AMC ENTERTAINMENT TL B1 17
4 TRANSDIGM INC. TL E 17
5 BMC SOFTWARE TL B 17
6 BRAND ENERGY TL 17
7 CINEWORLD TL B 16
8 SIGMA BIDCO GBP TL B4 16
9 TRANSDIGM INC. TL G 16
10 TRANSDIGM INC. TL F 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 11/10/22 – 11/18/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 9/23/22 – 9/30/22

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

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