Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 5/19/23

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 5/19/23

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Tank Hldg Corp. 150 Delayed-draw Term Loan 3/31/2028 S+600
Imperial Dade 1500 Term Loan 5/1/2028 S+475
Focus Financial Partners LLC 500 Term Loan 6/30/2028 S+350

forward calendar

Forward calendar during the week ending 5/19/23

Issuer Deal Information Banks Expected Issue Date
Casa Systems Inc. $223MM TLB JPM Q2 2023
Kindercare Learning Cos. $1.4B TL (B2) BCLY, GS, MACQ, DB, UBS, BofA, JEFF, KKR Q2 2023
Maxlinear Inc. $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB WF, BMO, CTZ, TRS Q2 2023
Moneygram International Inc. $850MM credit facilities: $150MM RC; $700MM TL GS, DB, BCLY, WF Q2 2023
Nouryon $2.5B TLB (B2) JPM, BCLY, HSBC Q2 2023
Protective Industrial Products Inc. $150MM TL ANT Q2 2023
Solenis $750MM TLB (B3) GS, BofA, BMO, HSBC, DB, CITI Q2 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 Q2 2023

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 5/12/23 – 5/19/23

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 8,572 GEO GROUP TL1 -0.01% 101.21 101.22 11
2 7,270 MEDLINE TL B 0.30% 97.04 96.76 10
3 5,000 UNITED CONTINENTAL TL B 0.06% 99.45 99.40 12
4 4,750 ZAYO TL -1.91% 79.48 81.02 18
5 4,559 TRANSDIGM INC. TL I -0.03% 99.56 99.59 14
6 4,463 ULTIMATE SOFTWARE TL B -0.82% 95.45 96.24 10
7 3,900 DIRECTV TL -0.62% 94.99 95.58 14
8 3,600 CDK GLOBAL TL -0.20% 98.91 99.11 13
9 3,582 MISYS TL B 0.26% 94.98 94.73 15
10 3,515 LIFEPOINT HOSPITALS TL B -0.69% 91.78 92.41 10
11 3,500 AMERICAN AIRLINES TL B -0.04% 100.48 100.53 10
12 3,500 PILOT TRAVEL TL B -0.20% 99.17 99.37 10
13 3,500 SEDGWICK TL B -0.48% 97.53 98.00 10
14 3,450 GOLDEN NUGGET INC TL B 0.20% 96.32 96.12 11
15 3,420 RCN GRANDE TL 0.15% 83.74 83.61 12
16 3,380 SOLERA TL B -0.14% 89.87 90.00 13
17 3,312 HUB INTL LTD TL B -0.08% 99.42 99.50 14
18 3,300 NTL CABLE PLC TL N -0.23% 96.46 96.69 12
19 3,190 INTELSAT EXIT TL B 0.00% 98.54 98.54 10
20 3,100 HUNTER DOUGLAS TL B 0.15% 91.39 91.26 11
AVERAGE 4,143 -0.22% 95.29 95.48 12.0

Top 10 Performers

Showcases the top 10 loan performers based on the largest bid price increases between 5/12/23-5/19/23

RANK NAME CHANGE PX PX-1W DEALERS
1 ANCHOR GLASS 2ND LIEN TL 11.86% 39.81 35.59 7
2 AIR MEDICAL TL B 10.86% 68.59 61.87 13
3 HARLAND CLARKE TL 7.11% 87.62 81.81 9
4 PACKERS HOLDINGS TL 6.84% 43.47 40.68 15
5 AT&T COLOCATION TL 4.71% 54.33 51.89 12
6 LEARNING CARE 2ND LIEN TL 3.81% 96.60 93.05 5
7 LIFTOFF TL B 3.11% 83.58 81.06 9
8 NOBIAN EUR TL B 3.07% 94.12 91.31 12
9 EAGLEPICHER 2ND LIEN TL 3.01% 58.98 57.26 4
10 MOLD-RITE TL 2.76% 83.27 81.03 7

Bottom 10 Perfromers

Showcases the bottom 10 loan performers based on the largest bid price decreases between 5/12/23-5/19/23

RANK NAME CHANGE PX PX-1W DEALERS
1 CBS RADIO INC TL B -20.39% 44.51 55.91 9
2 INTEL TL -12.36% 71.48 81.56 5
3 RESEARCH NOW 2ND LIEN TL -11.34% 50.00 56.40 4
4 US RENAL CARE EXT TL B -11.27% 55.00 61.99 3
5 AIR METHODS TL -8.81% 48.49 53.18 9
6 AT HOME STORES TL B -7.56% 67.94 73.50 11
7 SELECT STAFFING TL B -7.02% 78.92 84.88 9
8 IHEART TL B -5.71% 79.49 84.31 9
9 COMPREHENSIVE EYECARE PARTNERS EXT TL B -5.19% 75.90 80.05 6
10 COMMERCEHUB TL B -4.54% 89.06 93.30 6

Avg Bid PX by Sector

Displays the average loan bid price by sector between 5/12/23-5/19/23

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 5/12/23-5/19/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 5/12/23 vs. the week ending 5/19/23

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 CLARION EVENTS TL 25 50 25 100%
2 WEBHELP EUR TL B 18 41 23 128%
3 ARCLIN TL 44 66 22 50%
4 FOCUS FINANCIAL TL B6 8 30 22 275%
5 STARS GROUP TL B 48 69 21 44%
6 ENVISION HEALTHCARE P TL 18 39 21 117%
7 EASTERN POWER TL B 62 83 21 34%
8 CLARION EVENTS GBP TL 10 30 20 200%
9 WSH INVESTMENTS GBP TL B 0 20 20 NA
10 WEBHELP GBP TL B 26 46 20 77%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 5/12/23-5/19/23

RANK TRANCHE DEALERS
1 ZAYO TL 18
2 NTL CABLE PLC EUR TL R 17
3 CHEPLAPHARM ARZNEIMITTEL EUR TL B 17
4 ZIGGO EUR TL H 17
5 TELENET EUR TL 16
6 MASMOVIL IBERCOM SA EUR TL B 16
7 NTL CABLE PLC GBP TL M 16
8 HEARTHSIDE FOODS TL B 16
9 FRONERI TL B 16
10 CEVA SANTE ANIMALE EUR TL B 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 5/12/23-5/19/23

Sector Bid-Offer Spread

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

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