Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 8/18/23

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 8/18/23

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Heartland Dental Care Inc. 350 Term Loan 4/29/2028 S+500
Tenneco Inc. 1243 Term Loan 11/1/2028 S+510
Epicor Software Corp. 500 Term Loan N/A S+375
Asgn Incorporated 500 Term Loan 8/2/2030 S+225

forward calendar

Forward calendar during the week ending 8/18/23

Issuer Deal Information Banks Expected Issue Date
Michael Baker International LLC $110MM TL UBS,KEY,MACQ Q3 2023
Sonicwall $735MM TL UBS Q3 2023
Tecta America Corp. $210MM TL (B2/B) WF,RBC Q3 2023

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/11/23 – 8/18/23

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 8,572 GEO GROUP TL1 0.06% 101.60 101.53 12
2 7,270 MEDLINE TL B 0.31% 99.03 98.72 10
3 5,000 UNITED CONTINENTAL TL B 0.00% 99.97 99.97 13
4 5,000 QWEST CORPORATION TL B -4.09% 69.03 71.98 10
5 4,750 ZAYO TL 0.20% 80.08 79.92 16
6 4,750 HUB INTL LTD TL B5 -0.07% 100.14 100.21 14
7 4,741 INTERNET BRANDS TL B -0.42% 95.51 95.90 10
8 4,559 TRANSDIGM INC. TL I 0.01% 100.01 100.00 20
9 4,475 UNIVISION TL C5 -0.06% 99.50 99.56 10
10 4,463 ULTIMATE SOFTWARE TL B 0.13% 99.47 99.34 10
11 4,050 CITRIX TL B -0.21% 95.55 95.76 10
12 3,900 DIRECTV TL -0.09% 99.19 99.27 15
13 3,600 CDK GLOBAL TL 0.03% 99.96 99.93 14
14 3,582 MISYS TL B 0.40% 99.82 99.42 12
15 3,550 CITADEL TL B 0.06% 99.24 99.18 10
16 3,515 LIFEPOINT HOSPITALS TL B -0.09% 98.31 98.40 10
17 3,500 AMERICAN AIRLINES TL B 0.08% 103.52 103.44 12
18 3,500 PILOT TRAVEL TL B 0.10% 99.92 99.82 11
19 3,450 GOLDEN NUGGET INC TL B 0.00% 98.47 98.47 14
20 3,420 RCN GRANDE TL -0.65% 82.47 83.01 12
AVERAGE 4,482 -0.21% 96.04 96.19 12.3

Top 10 Performers

Showcases the top 10 loan performers based on the largest bid price increases between 8/11/23-8/18/23

RANK NAME CHANGE PX PX-1W DEALERS
1 EQUINOX HLDGS INC 2ND LIEN TL 7.73% 86.13 79.95 8
2 TELESAT TL B5 6.82% 69.06 64.65 7
3 AIR MEDICAL TL B 5.35% 68.94 65.44 10
4 RADIOLOGY PARTNERS TL B 5.18% 75.39 71.67 9
5 PETVET 2ND LIEN TL 4.32% 97.65 93.60 6
6 AT&T COLOCATION TL 3.47% 80.43 77.73 9
7 LANDESK TL B 3.32% 82.85 80.19 11
8 ANCHOR GLASS TL B 3.07% 79.24 76.88 7
9 USS PARENT TL B 2.90% 83.50 81.15 12
10 SELECT STAFFING TL B 2.63% 83.07 80.94 9

Bottom 10 Perfromers

Showcases the bottom 10 loan performers based on the largest bid price decreases between 8/11/23-8/18/23

RANK NAME CHANGE PX PX-1W DEALERS
1 WORLD KITCHEN TL -4.66% 20.45 21.45 8
2 QWEST CORPORATION TL B -4.09% 69.03 71.98 9
3 PDC BRANDS EXT TL -2.38% 94.46 96.76 4
4 PEDIATRIC ASSOCIATES TL B -1.51% 97.41 98.91 7
5 ANVIL INTERNATIONAL TL B -1.34% 95.67 96.97 6
6 LEVEL III TL B -1.26% 93.72 94.92 12
7 SINCLAIR BROADCAST GROUP INC. TL B3 -1.22% 76.94 77.89 6
8 PODS TL B -1.20% 97.52 98.71 8
9 IHEART TL B -0.95% 88.48 89.34 9
10 CISION TL B -0.93% 73.31 74.00 11

Avg Bid PX by Sector

Displays the average loan bid price by sector between 8/11/23-8/18/23

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 8/11/23-8/18/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 8/11/23 vs. the week ending 8/18/23

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 SELECT MEDICAL TL 20 44 24 120%
2 CROCS TL B 30 52 22 73%
3 BARNES GROUP INC TL B 8 30 22 275%
4 RENAISSANCE LEARNING TL B 60 82 22 37%
5 ADVANCED METALLURGICAL GROUP TL B 4 26 22 550%
6 NORTHRIVER MIDSTREAM TL B 4 24 20 500%
7 LIFESCAN 2ND LIEN TL 6 24 18 300%
8 APPLIED SYSTEMS EXT TL 32 48 16 50%
9 DISCOVERORG TL B 12 28 16 133%
10 VACO TL B 22 38 16 73%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 8/11/23-8/18/23

RANK TRANCHE DEALERS
1 TRANSDIGM INC. TL I 21
2 HILEX POLY TL B 18
3 ZIGGO EUR TL H 17
4 ACCOLADE WINES GBP TL B 17
5 BELLIS ACQUISITION CO PLC EUR TL B 17
6 DIRECTV TL 16
7 ZAYO TL 16
8 CEVA SANTE ANIMALE EUR TL B 16
9 TELENET EUR TL 16
10 NTL CABLE PLC EUR TL R 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 8/11/23-8/18/23

Sector Bid-Offer Spread

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

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