Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 12/16/22
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
New Issues
Loans issued during the week ending 12/16/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| First Brands Corp. | 425 | Term Loan | 3/20/2027 | S+500 |
| Dealer Tire LLC | 1430 | Term Loan | 12/6/2027 | S+450 |
| BJ’s Wholesale Club Inc. | 450 | Term Loan | 2/1/2027 | S+275 |
forward calendar
Forward calendar during the week ending 12/16/22
| Issuer | Deal Information | Banks | Expected Issue Date |
| Consumer Direct Care Network Inc. | $150MM credit facilities: $75MM TL; $75MM RC | N/A | 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 |
| 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 |
| 888 Holdings PLC | $75MM TLB (B1/B/BB+) | MS, JPM, BCLY | Q4 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 12/9/22 – 12/16/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 7,270 | MEDLINE TL B | -0.15% | 94.89 | 95.03 | 11 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.24% | 98.79 | 98.56 | 13 |
| 3 | 4,750 | ZAYO TL | 0.56% | 80.25 | 79.81 | 13 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.23% | 99.72 | 99.49 | 14 |
| 5 | 3,900 | DIRECTV TL | 0.71% | 96.89 | 96.21 | 13 |
| 6 | 3,600 | CDK GLOBAL TL | -0.03% | 98.85 | 98.89 | 12 |
| 7 | 3,582 | MISYS TL B | -0.69% | 88.45 | 89.07 | 12 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.08% | 98.61 | 98.53 | 15 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.43% | 94.10 | 93.70 | 10 |
| 10 | 3,500 | PILOT TRAVEL TL B | 0.32% | 98.63 | 98.31 | 10 |
| 11 | 3,400 | REFRESCO HOLDING EUR TL B | -0.21% | 96.23 | 96.43 | 13 |
| 12 | 3,380 | SOLERA TL B | -0.05% | 92.01 | 92.05 | 15 |
| 13 | 3,325 | CINEWORLD TL B | -5.90% | 18.28 | 19.42 | 13 |
| 14 | 3,312 | HUB INTL LTD TL B | 0.35% | 98.53 | 98.19 | 13 |
| 15 | 3,300 | NTL CABLE PLC TL N | 0.24% | 97.86 | 97.63 | 11 |
| 16 | 3,100 | TRANSUNION TL B6 | -0.06% | 98.36 | 98.41 | 10 |
| 17 | 3,000 | WESTINGHOUSE TL B | 0.11% | 98.33 | 98.22 | 10 |
| 18 | 3,000 | DELTA SKYMILES TL B | 0.02% | 101.77 | 101.76 | 11 |
| 19 | 2,985 | HARBOR FREIGHT TL B | 0.29% | 95.54 | 95.27 | 11 |
| 20 | 2,884 | BMC SOFTWARE TL B | 0.02% | 95.72 | 95.70 | 15 |
| AVERAGE | 3,751 | -0.18% | 92.09 | 92.03 | 12.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 12/9/22 – 12/16/22
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | MICHAELS STORES TL | 11.19% | 85.06 | 76.50 | 13 |
| 2 | MACDONALD DETTWILER TL B | 2.90% | 99.86 | 97.04 | 8 |
| 3 | BAUSCH HEALTH COMPANIES INC. TL B | 2.32% | 77.19 | 75.44 | 14 |
| 4 | OLDCASTLE TL B | 2.19% | 93.56 | 91.56 | 12 |
| 5 | HEARTHSIDE FOODS TL B3 | 1.98% | 89.28 | 87.55 | 7 |
| 6 | STAPLES TL B1 | 1.76% | 91.79 | 90.20 | 14 |
| 7 | PETVET TL B3 | 1.71% | 94.05 | 92.47 | 5 |
| 8 | PETVET EXT TL | 1.48% | 93.44 | 92.09 | 4 |
| 9 | LEARNING CARE TL B | 1.41% | 92.69 | 91.41 | 8 |
| 10 | BRAND ENERGY TL | 1.18% | 90.39 | 89.33 | 13 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 12/9/22 – 12/16/22
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | AVAYA TL B2 | -30.01% | 32.57 | 46.53 | 9 |
| 2 | CISION TL B | -10.65% | 61.14 | 68.42 | 9 |
| 3 | SECURUS TL | -9.50% | 75.36 | 83.27 | 6 |
| 4 | SIVANTOS 2ND LIEN EUR TL | -6.80% | 76.64 | 82.23 | 2 |
| 5 | CHASSIX TL B | -4.39% | 83.62 | 87.46 | 10 |
| 6 | AT&T COLOCATION TL | -3.81% | 64.81 | 67.38 | 11 |
| 7 | AIR MEDICAL TL B | -3.48% | 73.69 | 76.35 | 10 |
| 8 | BLOUNT TL B | -2.56% | 80.18 | 82.29 | 10 |
| 9 | PROMETRIC TL | -2.40% | 87.39 | 89.54 | 6 |
| 10 | PATHWAY PARTNERS VET MANAGEMENT TL | -2.10% | 83.74 | 85.53 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/9/22 – 12/16/22
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 12/2/22 – 12/9/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 12/9/22 vs. the week ending 12/16/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | THE NIELSEN COMPANY B.V. TL B | 6 | 32 | 26 | 433% |
| 2 | HAYWARD INDUSTRIES TL B | 8 | 30 | 22 | 275% |
| 3 | SIGNATURE AVIATION TL B | 10 | 32 | 22 | 220% |
| 4 | PROMONTORY TL | 43 | 63 | 20 | 47% |
| 5 | GTT COMMUNICATIONS TL B | 28 | 46 | 18 | 64% |
| 6 | ALLIANT HLDGS I INC TL B1 | 42 | 56 | 14 | 33% |
| 7 | TALEN ENERGY SUPPLY LLC TL B | 10 | 24 | 14 | 140% |
| 8 | WEST DEPTFORD ENERGY TL B | 20 | 34 | 14 | 70% |
| 9 | BAUSCH HEALTH COMPANIES INC. TL B | 78 | 92 | 14 | 18% |
| 10 | OUTPUT SERVICES GROUP TL B | 10 | 24 | 14 | 140% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/9/22 – 12/16/22
| RANK | TRANCHE | DEALERS |
| 1 | SIGMA BIDCO GBP TL B4 | 16 |
| 2 | CONVERGEONE TL B | 16 |
| 3 | TRANSDIGM INC. TL E | 16 |
| 4 | TRANSDIGM INC. TL F | 15 |
| 5 | BMC SOFTWARE TL B | 15 |
| 6 | PHILIPS APPLIANCES EUR TL B | 15 |
| 7 | FRONERI TL B | 15 |
| 8 | SOLERA TL B | 15 |
| 9 | BAUSCH HEALTH COMPANIES INC. TL B | 14 |
| 10 | KETER GROUP EUR TL B | 14 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/9/22 – 12/16/22
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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