Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 1/20/23

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 1/20/23

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Windstream Services LLC 250 Term Loan 2/23/2027 N/A
RelaDyne Inc. 250 Term Loan 12/1/2028 S+500
Ciena Corp. 500 Term Loan 1/9/2030 S+250

forward calendar

Forward calendar during the week ending 1/20/23

Issuer Deal Information Banks Expected Issue Date
Atlas Air Worldwide $1.9B credit facilities: $300MM RC; $1.6B TL GS, BCLY, AP, MIZ, CAG Q1 2023
Intrado $925MM credit facilities: $100MM RC; $825MM TLB RBC Q1 2023
Maxlinear Inc. $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB WF, BMO, CTZ, TRS Q1 2023
Moneygram International Inc. $850MM credit facilities: $150MM RC; $700MM TL GS, DB, BCLY, WF Q1 2023
Tegna Inc. $4B credit facilities: $500MM RC; $3.5B TL RBC, BofA, GS, TRS, BNP, CS, JEFF, MIZ, TD, BCLY, DB, MUFG, CTB, SMBC Q1 2023
Whitewater Whistler Holdings LLC $500MM TLB (Ba2) BCLY, BLS, GS, CS, MACQ, MUFG Q1 2023

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 1/13/23 – 1/20/23

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,000 UNITED CONTINENTAL TL B -0.05% 99.67 99.73 14
2 4,750 ZAYO TL 2.05% 85.20 83.49 15
3 4,700 CAESARS RESORT COLLECTION TL B -0.15% 99.80 99.95 13
4 3,900 DIRECTV TL -0.18% 97.88 98.05 12
5 3,600 CDK GLOBAL TL -0.05% 99.72 99.77 11
6 3,582 MISYS TL B 1.83% 93.20 91.53 15
7 3,524 TRANSDIGM INC. TL F -0.07% 99.51 99.58 14
8 3,515 LIFEPOINT HOSPITALS TL B 0.07% 97.00 96.93 10
9 3,500 AMERICAN AIRLINES TL B -0.07% 101.93 102.00 10
10 3,450 GOLDEN NUGGET INC TL B 0.29% 98.24 97.95 11
11 3,420 RCN GRANDE TL 0.42% 83.39 83.04 10
12 3,380 SOLERA TL B -0.01% 94.86 94.87 15
13 3,325 CINEWORLD TL B 2.29% 18.39 17.98 13
14 3,312 HUB INTL LTD TL B 0.21% 99.81 99.60 12
15 3,300 NTL CABLE PLC TL N 0.02% 99.27 99.25 10
16 3,190 INTELSAT EXIT TL B 0.77% 98.27 97.52 10
17 3,100 TRANSUNION TL B6 -0.12% 99.54 99.66 11
18 3,000 DELTA SKYMILES TL B 0.27% 103.07 102.79 12
19 3,000 WESTINGHOUSE TL B 0.00% 99.75 99.75 10
20 2,985 HARBOR FREIGHT TL B 0.59% 97.88 97.31 11
AVERAGE 3,577 0.41% 93.32 93.04 12.0

Top 10 Performers

Showcases the top 10 loan performers based on the largest bid price increases between 1/13/23-1/20/23

RANK NAME CHANGE PX PX-1W DEALERS
1 RSA SECURITY LLC 2ND LIEN TL 12.62% 55.66 49.42 9
2 MISYS 2ND LIEN TL 5.16% 78.16 74.33 15
3 AIR MEDICAL TL B2 3.96% 72.57 69.81 9
4 MULTIPLAN TL B 3.04% 89.52 86.88 9
5 ERESEARCH TL B 2.77% 91.19 88.73 6
6 PRETIUM PACKAGING TL B 2.72% 87.60 85.27 8
7 TECTUM HOLDINGS INC TL B 2.31% 89.46 87.45 13
8 CAPITAL VISION SERVICES LLC TL 2.28% 89.16 87.17 10
9 WESTJET TL 2.26% 94.87 92.78 11
10 SERTA SIMMONS SO TL 2.18% 50.74 49.66 10

Bottom 10 Perfromers

Showcases the bottom 10 loan performers based on the largest bid price decreases between 1/13/23-1/20/23

RANK NAME CHANGE PX PX-1W DEALERS
1 CORRECT CARE TL B -8.10% 72.09 78.44 7
2 REVLON TL B2 -5.07% 45.26 47.68 6
3 LOGMEIN TL B -4.37% 53.24 55.67 12
4 CAMPING WORLD TL B -1.32% 93.44 94.69 10
5 LIGHTSTONE GENERATION LLC TL B -1.08% 88.91 89.88 8
6 VERITAS US INC TL B -0.99% 69.59 70.29 9
7 TIERPOINT TL -0.71% 93.26 93.93 8
8 GENON ENERGY INC TL B -0.66% 97.31 97.97 10
9 EDGEWATER GENERATION TL B -0.64% 95.60 96.22 14
10 ALLEN MEDIA TL B -0.62% 80.14 80.64 7

Avg Bid PX by Sector

Displays the average loan bid price by sector between 1/13/23-1/20/23

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 1/13/23-1/20/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 1/13/23 vs. the week ending 1/20/23

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 WARNER MUSIC TL 10 44 34 340%
2 MISTER CAR WASH TL B 28 52 24 86%
3 OBERTHUR TECHNOLOGIES SA EUR TL B 20 40 20 100%
4 AREAS EUR TL B1 8 28 20 250%
5 ALEXANDER MANN GBP TL B 14 30 16 114%
6 ALPHA GROUP EUR TL 2 18 16 800%
7 ALIXPARTNERS EUR TL B 14 30 16 114%
8 ARMACELL EUR TL B 2 18 16 800%
9 AERNNOVA AEROSPACE EUR TL B 4 18 14 350%
10 EXACT HOLDING EUR TL B2 4 16 12 300%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 1/13/23-1/20/23

RANK TRANCHE DEALERS
1 BRAND ENERGY TL 17
2 CONVERGEONE TL B 17
3 AMC ENTERTAINMENT TL B1 16
4 TRANSDIGM INC. TL E 16
5 AMERICAN BATH TL 16
6 CHEPLAPHARM ARZNEIMITTEL EUR TL B 15
7 MISYS 2ND LIEN TL 15
8 KETER GROUP EUR TL B 15
9 NUMERICABLE EUR TL B12 15
10 PROSOL GESTION EUR TL B 15

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 1/13/23-1/20/23

Sector Bid-Offer Spread

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

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