Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 2/24/23
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 2/24/23
ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
US Telepacific Corp. | 549 | Term Loan | 5/2/2026 | S+650 |
888 Acquisitions LTD | 474 | Delayed-draw Term Loan | 7/1/2028 | N/A |
Creative Artists Agency LLC | 1550 | Term Loan | 11/16/2028 | S+350 |
forward calendar
Forward calendar during the week ending 2/24/23
Issuer | Deal Information | Banks | Expected Issue Date |
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 |
Red Ventures LLC | $850MM TLB | JPM | 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 |
Uber Technologies Inc. | $1.43B TLB (Ba3/BB-) | MS, BCLY | Q1 2023 |
UGI Energy Services LLC | $800MM TLB (Ba3//BB+) | CS | Q1 2023 |
Vantage Specialty Chemicals | $820MM TLB (B2/B-/B+) | MS, CITI, KKR, RBC, MUFG | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 2/17/23 – 2/24/23
RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
1 | 4,750 | ZAYO TL | -0.96% | 81.29 | 82.08 | 14 |
2 | 3,900 | DIRECTV TL | -0.56% | 96.96 | 97.50 | 12 |
3 | 3,582 | MISYS TL B | -0.34% | 94.03 | 94.36 | 11 |
4 | 3,500 | PILOT TRAVEL TL B | -0.14% | 99.06 | 99.20 | 10 |
5 | 3,500 | AMERICAN AIRLINES TL B | -0.33% | 102.32 | 102.66 | 15 |
6 | 3,325 | CINEWORLD TL B | -6.79% | 17.51 | 18.78 | 12 |
7 | 3,312 | HUB INTL LTD TL B | -0.07% | 99.56 | 99.62 | 12 |
8 | 3,300 | NTL CABLE PLC TL N | -0.55% | 98.09 | 98.64 | 11 |
9 | 3,000 | DELTA SKYMILES TL B | 0.05% | 103.33 | 103.28 | 13 |
10 | 3,000 | WESTINGHOUSE TL B | -0.18% | 99.57 | 99.74 | 11 |
11 | 2,985 | HARBOR FREIGHT TL B | -0.90% | 96.51 | 97.39 | 13 |
12 | 2,884 | BMC SOFTWARE TL B | 0.51% | 98.53 | 98.03 | 14 |
13 | 2,853 | TK ELEVATOR TL B | -0.61% | 97.88 | 98.47 | 11 |
14 | 2,825 | BRAND ENERGY TL | -0.08% | 94.29 | 94.36 | 14 |
15 | 2,750 | TEAM HEALTH TL | 0.11% | 92.06 | 91.96 | 11 |
16 | 2,670 | FRONERI TL B | -0.22% | 98.22 | 98.43 | 15 |
17 | 2,550 | GENESEE & WYOMING TL | -0.01% | 99.60 | 99.61 | 12 |
18 | 2,550 | TRITON WATER TL B | -1.70% | 93.35 | 94.97 | 13 |
19 | 2,525 | ZIGGO TL I | -0.51% | 97.70 | 98.20 | 11 |
20 | 2,500 | QUIKRETE TL B | -0.28% | 99.02 | 99.30 | 10 |
AVERAGE | 3,113 | -0.68% | 92.94 | 93.33 | 12.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 2/17/23-2/24/23
RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
1 | CONVERGEONE 2ND LIEN TL | 15.46% | 47.64 | 41.26 | 8 |
2 | REVLON TL B2 | 12.19% | 50.12 | 44.67 | 8 |
3 | WEST MARINE TL B | 5.93% | 56.85 | 53.66 | 9 |
4 | HOFFMASTER TL | 5.20% | 96.28 | 91.52 | 11 |
5 | MAVENIR TL B | 3.29% | 67.14 | 65.00 | 6 |
6 | US RENAL CARE TL B | 3.18% | 66.19 | 64.15 | 12 |
7 | BMC SOFTWARE 2ND LIEN TL | 2.77% | 96.43 | 93.84 | 8 |
8 | BAUSCH & LOMB INC TL | 0.76% | 97.44 | 96.70 | 11 |
9 | TRINSEO TL B | 0.75% | 98.55 | 97.81 | 7 |
10 | INTERNET BRANDS 2ND LIEN TL | 0.61% | 92.01 | 91.46 | 6 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 2/17/23-2/24/23
RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
1 | NATIONAL CINEMEDIA TL B | -7.21% | 32.34 | 34.85 | 8 |
2 | AMC ENTERTAINMENT TL B1 | -4.75% | 63.50 | 66.66 | 14 |
3 | VENATOR TL B | -3.95% | 76.04 | 79.16 | 7 |
4 | QWEST CORPORATION TL B | -3.28% | 84.70 | 87.57 | 9 |
5 | PRINCE MINERALS TL | -1.94% | 85.33 | 87.01 | 8 |
6 | SOLERA TL B | -1.83% | 93.06 | 94.79 | 14 |
7 | CAMPING WORLD TL B | -1.70% | 89.10 | 90.64 | 8 |
8 | EG GROUP TL B | -1.57% | 93.55 | 95.04 | 7 |
9 | ATHENAHEALTH TL | -1.55% | 93.31 | 94.78 | 9 |
10 | ASURION 2ND LIEN TL B4 | -1.50% | 85.70 | 87.01 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/17/23-2/24/23
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 2/17/23-2/24/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 2/17/23 vs. the week ending 2/24/23
RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
1 | TRANSDIGM INC. TL I | 34 | 60 | 26 | 76% |
2 | WEST CORP TL B3 | 26 | 38 | 12 | 46% |
3 | CREATIVE ARTISTS TL B | 4 | 16 | 12 | 300% |
4 | SCOUT24 2ND LIEN EUR TL | 6 | 18 | 12 | 200% |
5 | INTU PROPERTIES GBP REV | 0 | 10 | 10 | NA |
6 | VERISURE EUR TL B | 24 | 34 | 10 | 42% |
7 | ASSYSTEM SA EUR TL | 0 | 10 | 10 | NA |
8 | ALBION ACQUISITIONS LTD EUR TL B | 0 | 10 | 10 | NA |
9 | GEON PERFORMANCE TL B | 0 | 9 | 9 | NA |
10 | BUSY BEES GBP TL B | 9 | 18 | 9 | 100% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/17/23-2/24/23
RANK | TRANCHE | DEALERS |
1 | CONVERGEONE TL B | 17 |
2 | WHEEL PROS TL | 16 |
3 | STAPLES TL B1 | 15 |
4 | FRONERI TL B | 15 |
5 | AMC ENTERTAINMENT TL B1 | 15 |
6 | WITTUR EUR TL B | 15 |
7 | TELENET EUR TL | 15 |
8 | CLEAR CHANNEL OUTDOOR TL B | 15 |
9 | RACKSPACE HOSTING TL B | 15 |
10 | AMERICAN AIRLINES TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/17/23-2/24/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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