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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