Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 2/17/23
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 2/17/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| TransDigm Group Inc. | 4559 | Term Loan | 10/8/2028 | S+325 |
| Par Petroleum Corp. | 550 | Term Loan | 2/3/2030 | S+425 |
| HanesBrands Inc. | 900 | Term Loan | 2/6/2030 | S+375 |
forward calendar
Forward calendar during the week ending 2/17/23
| 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 |
| 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 |
| Sotera Health Co. | $425MM TLB (BB-) | JPM | 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 |
| TMS International Corp. | $450MM TLB | JPM | Q1 2023 |
| UGI Energy Services LLC | $800MM TLB (Ba3//BB+) | CS | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 2/10/23 – 2/17/23
| Rank | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.43% | 99.43 | 99.86 | 14 |
| 2 | 3,582 | MISYS TL B | -0.10% | 94.36 | 94.45 | 12 |
| 3 | 3,325 | CINEWORLD TL B | 13.98% | 18.78 | 16.48 | 11 |
| 4 | 3,312 | HUB INTL LTD TL B | -0.29% | 99.62 | 99.92 | 12 |
| 5 | 2,825 | BRAND ENERGY TL | 0.74% | 94.36 | 93.67 | 16 |
| 6 | 2,750 | TEAM HEALTH TL | -0.63% | 91.96 | 92.54 | 12 |
| 7 | 2,500 | WEST CORP TL B | 0.68% | 87.02 | 86.43 | 10 |
| 8 | 2,285 | ACTION NEDERLAND EUR TL B | 0.01% | 99.61 | 99.60 | 14 |
| 9 | 2,225 | MESSER INDUSTRIES TL B | -0.18% | 99.64 | 99.82 | 12 |
| 10 | 2,100 | HUSKY INJECTION MOLDING TL B | -0.96% | 96.46 | 97.39 | 11 |
| 11 | 2,060 | INEOS FIN EUR TL B | -0.02% | 99.87 | 99.88 | 10 |
| 12 | 2,000 | SIGMA BIDCO EUR TL B1 | 0.02% | 93.85 | 93.84 | 13 |
| 13 | 1,963 | SIVANTOS EUR TL B1 | -0.69% | 93.38 | 94.02 | 10 |
| 14 | 1,950 | SERTA SIMMONS TL | -10.37% | 5.57 | 6.21 | 12 |
| 15 | 1,800 | REVLON TL B | -8.28% | 14.26 | 15.55 | 10 |
| 16 | 1,750 | VERIFONE TL B | -0.63% | 93.30 | 93.89 | 11 |
| 17 | 1,390 | AIR METHODS TL | 3.20% | 63.49 | 61.52 | 13 |
| 18 | 1,280 | US SILICA CO TL B | -0.12% | 99.63 | 99.75 | 11 |
| 19 | 1,245 | MISYS 2ND LIEN TL | 6.51% | 84.18 | 79.03 | 12 |
| 20 | 1,151 | CLUB CORP TL B | 0.10% | 93.21 | 93.11 | 11 |
| AVERAGE | 2,310 | 0.13% | 81.10 | 80.85 | 11.9 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 2/10/23-2/17/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | VERITAS US INC TL B | 14.44% | 78.91 | 68.96 | 14 |
| 2 | MISYS 2ND LIEN TL | 6.51% | 84.18 | 79.03 | 12 |
| 3 | EQUINOX HLDGS INC TL B | 4.25% | 83.45 | 80.06 | 13 |
| 4 | BOYD CORP 2ND LIEN TL | 2.51% | 85.08 | 82.99 | 7 |
| 5 | ELECTRONICS FOR IMAGING TL | 1.69% | 76.97 | 75.69 | 13 |
| 6 | EPIC CRUDE TL B | 1.24% | 93.05 | 91.91 | 10 |
| 7 | DIGICEL TL | 1.03% | 85.80 | 84.93 | 6 |
| 8 | AUDIO VISUAL TL B2 | 0.97% | 96.34 | 95.41 | 11 |
| 9 | PATHWAY PARTNERS VET MANAGEMENT TL | 0.94% | 87.16 | 86.34 | 10 |
| 10 | BLOUNT TL B | 0.93% | 83.86 | 83.09 | 12 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 2/10/23-2/17/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | HOLLEY PURCHASER TL | -4.82% | 83.00 | 87.20 | 7 |
| 2 | QWEST CORPORATION TL B | -4.08% | 87.57 | 91.29 | 9 |
| 3 | SABRE TL B | -3.68% | 93.67 | 97.25 | 6 |
| 4 | LEVEL III TL B | -3.37% | 91.54 | 94.73 | 9 |
| 5 | LIGHTSTONE GENERATION LLC TL B | -3.02% | 85.15 | 87.80 | 6 |
| 6 | LOGMEIN TL B | -2.44% | 53.64 | 54.98 | 13 |
| 7 | MCGRAW-HILL GLOBAL TL B | -2.37% | 95.55 | 97.88 | 8 |
| 8 | AMC ENTERTAINMENT TL B1 | -2.37% | 66.66 | 68.28 | 15 |
| 9 | CAMPING WORLD TL B | -2.37% | 90.64 | 92.84 | 8 |
| 10 | CENGAGE TL B | -1.72% | 94.93 | 96.59 | 13 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/10/23-2/17/23
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 2/10/23-2/17/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 2/10/23 vs. the week ending 2/17/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | GEO GROUP TL1 | 40 | 71 | 31 | 78% |
| 2 | US FOODS TL B | 48 | 78 | 30 | 63% |
| 3 | US FOODS TL B | 62 | 86 | 24 | 39% |
| 4 | MITCHELL 2ND LIEN TL | 29 | 48 | 19 | 66% |
| 5 | SUMMIT MATERIALS TL B | 9 | 28 | 19 | 211% |
| 6 | ALTICE FINANCING SA EUR TL B | 6 | 24 | 18 | 300% |
| 7 | SS&C TECH TL B7 | 26 | 44 | 18 | 69% |
| 8 | ALI GROUP TL | 34 | 52 | 18 | 53% |
| 9 | JMC STEEL TL | 38 | 56 | 18 | 47% |
| 10 | QUIKRETE TL B | 48 | 66 | 18 | 38% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/10/23-2/17/23
| RANK | TRANCHE | DEALERS |
| 1 | CONVERGEONE TL B | 17 |
| 2 | CLEAR CHANNEL OUTDOOR TL B | 17 |
| 3 | BRAND ENERGY TL | 16 |
| 4 | AMC ENTERTAINMENT TL B1 | 16 |
| 5 | STAPLES TL B1 | 15 |
| 6 | WHEEL PROS TL | 15 |
| 7 | BAUSCH HEALTH COMPANIES INC. TL B | 15 |
| 8 | WITTUR EUR TL B | 15 |
| 9 | TELENET EUR TL | 15 |
| 10 | SOLERA TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/10/23-2/17/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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