Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 2/3/23

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 2/3/23

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Zest Dental 320 Term Loan 1/25/2028 S+550
Del Monte Foods Co. 125 Term Loan 5/1/2029 S+425
Brazos Delaware II LLC 800 Term Loan 1/20/2030 S+375
Kloeckner & Co SE 250 Revolving Credit 1/17/2025 N/A

forward calendar

Forward calendar during the week ending 2/3/23

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
Cetera Financial Group $750MM Incremental TL UBS Q1 2023
DSM Engineering Materials €2.9B TLs GS, BCLY, UBS, BNP Q1 2023
First Brands Group LLC $250MM TL JEFF 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
NielsenIQ $1.975B TLs (B2) JPM, UBS, BofA, BMO, BNP, FT, HSBC, MUFG, RBC, SC, STD Q1 2023
Roper Industrial Products Investment Co. $1.23B TL; €300MM TL; $475MM TL UBS, BNP, RBC, BMO, MIZ, NTXS, TD, STD 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
Varsity Brands Inc. $1.131B TLB JEFF Q1 2023

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 1/27/23 – 2/3/23

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 7,270 MEDLINE TL B 0.47% 97.57 97.11 10
2 5,900 ATHENAHEALTH TL 1.35% 95.24 93.97 10
3 5,000 UNITED CONTINENTAL TL B 0.09% 100.00 99.91 14
4 4,750 ZAYO TL 1.41% 85.57 84.38 15
5 4,700 CAESARS RESORT COLLECTION TL B -0.20% 99.76 99.96 15
6 3,900 DIRECTV TL 0.52% 98.74 98.22 12
7 3,600 CDK GLOBAL TL 0.09% 99.88 99.79 11
8 3,582 MISYS TL B 0.14% 93.98 93.85 15
9 3,524 TRANSDIGM INC. TL F 0.24% 99.84 99.60 14
10 3,515 TRANSDIGM INC. TL F 0.16% 99.83 99.67 12
11 3,515 LIFEPOINT HOSPITALS TL B -0.13% 97.19 97.32 10
12 3,500 AMERICAN AIRLINES TL B 0.39% 102.97 102.57 11
13 3,450 GOLDEN NUGGET INC TL B 0.34% 99.01 98.68 11
14 3,420 RCN GRANDE TL 0.12% 83.86 83.76 11
15 3,380 SOLERA TL B 0.66% 95.39 94.77 15
16 3,325 CINEWORLD TL B 3.76% 17.33 16.70 13
17 3,312 HUB INTL LTD TL B 0.03% 99.93 99.90 12
18 3,300 NTL CABLE PLC TL N 0.07% 99.56 99.49 11
19 3,222 DIAMOND SPORTS 2ND LIEN TL 12.09% 9.10 8.12 11
20 3,190 INTELSAT EXIT TL B 0.49% 98.76 98.28 11
AVERAGE 3,968 1.10% 88.68 88.30 12.2

Top 10 Performers

Showcases the top 10 loan performers based on the largest bid price increases between 1/27/23-2/3/23

RANK NAME CHANGE PX PX-1W DEALERS
1 TELESAT TL B5 22.14% 51.95 42.53 11
2 AMC ENTERTAINMENT TL B1 11.20% 64.00 57.55 17
3 CONVERGEONE TL B 8.23% 62.20 57.47 17
4 ELECTRONICS FOR IMAGING TL 7.42% 74.36 69.22 14
5 LASERSHIP TL 7.09% 78.67 73.46 12
6 US RENAL CARE TL B 6.66% 63.37 59.41 12
7 WHEEL PROS TL 4.64% 70.93 67.79 15
8 CLARION EVENTS TL 3.89% 77.78 74.87 11
9 XPLORNET TL 3.79% 81.85 78.86 7
10 THE NIELSEN COMPANY B.V. TL B 3.35% 93.44 90.41 8

Bottom 10 Perfromers

Showcases the bottom 10 loan performers based on the largest bid price decreases between 1/27/23-2/3/23

RANK NAME CHANGE PX PX-1W DEALERS
1 888 HOLDINGS TL -5.31% 85.97 90.80 5
2 NUMERICABLE TL B12 -3.05% 95.89 98.91 10
3 NAPA MANAGEMENT SERVICES TL B -2.21% 76.61 78.35 4
4 BAUSCH HEALTH COMPANIES INC. TL B -1.57% 76.53 77.75 14
5 TRINSEO TL B -1.40% 97.30 98.67 6
6 DEALOGIC TL B -1.32% 97.99 99.29 8
7 ADVANTAGE SALES TL B -1.15% 82.59 83.55 9
8 CBS OUTDOOR TL B -1.02% 98.54 99.55 6
9 SOUND PHYSICIANS TL -0.96% 81.36 82.14 5
10 LEARNING CARE TL B -0.92% 91.17 92.02 8

Avg Bid PX by Sector

Displays the average loan bid price by sector between 1/27/23-2/3/23

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 1/27/23-2/3/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 1/27/23 vs. the week ending 2/3/23

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 BAYER AG TL B 30 68 38 127%
2 WEST CORP TL B 8 41 33 413%
3 LSF11 A5 HOLDCO EXT TL B 4 30 26 650%
4 HOTELBEDS EUR TL C 0 20 20 NA
5 BARRACUDA TL 48 66 18 38%
6 COLORADO BUYER TL 19 37 18 95%
7 WESTINGHOUSE TL B 64 82 18 28%
8 CBAC BORROWER TL B 36 53 17 47%
9 PLY GEM TL 48 64 16 33%
10 PROOFPOINT TL B 51 66 15 29%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 1/27/23-2/3/23

RANK TRANCHE DEALERS
1 CONVERGEONE TL B 17
2 AMC ENTERTAINMENT TL B1 17
3 CLEAR CHANNEL OUTDOOR TL B 17
4 TRANSDIGM INC. TL E 16
5 AMERICAN BATH TL 16
6 BRAND ENERGY TL 16
7 TELENET EUR TL 16
8 WHEEL PROS TL 16
9 CHEPLAPHARM ARZNEIMITTEL EUR TL B 15
10 CAESARS RESORT COLLECTION TL B 15

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 1/27/23-2/3/23

Sector Bid-Offer Spread

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

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