Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 9/8/23

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 9/8/23

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
International Textile Group 100 Term Loan 9/30/2027 S+850
Accuride Corp. 282 Term Loan 5/18/2026 S+750

forward calendar

Forward calendar during the week ending 9/8/23

Issuer Deal Information Banks Expected Issue Date
Waterbridge Midstream Operating LLC $150MM TLB Q3 2023
Aramark Uniform Services $1.8B credit facilities: $300MM RC; $1.5B TL Q3 2023
CHG Healthcare $580MM TL (B2/B) GS,JPM,BCLY,BMO,CITI Q3 2023
Forward Air Corp. $400MM revolver MS,CITI,GS,JPM Q3 2023
Simon & Schuster $1.1B credit facilities JEFF,KKR,UBS,HSBC,RBC Q3 2023

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/1/23 – 9/8/23

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 8,572 GEO GROUP TL1 0.11% 101.59 101.48 10
2 7,270 MEDLINE TL B 0.04% 99.94 99.89 11
3 5,000 UNITED CONTINENTAL TL B 0.07% 100.19 100.12 13
4 5,000 QWEST CORPORATION TL B 0.22% 65.52 65.38 13
5 4,750 ZAYO TL -0.25% 79.71 79.91 15
6 4,750 HUB INTL LTD TL B5 0.14% 100.52 100.38 15
7 4,741 INTERNET BRANDS TL B 0.21% 96.22 96.02 12
8 4,741 INTERNET BRANDS TL B 0.21% 96.22 96.02 12
9 4,559 TRANSDIGM INC. TL I 0.09% 100.14 100.05 21
10 4,463 ULTIMATE SOFTWARE TL B 0.03% 99.87 99.84 12
11 4,260 NUMERICABLE TL B 1.76% 88.97 87.43 11
12 4,260 NUMERICABLE TL B 1.76% 88.97 87.43 11
13 4,050 CITRIX TL B -0.25% 95.98 96.23 10
14 3,900 DIRECTV TL 0.02% 98.80 98.78 15
15 3,600 CDK GLOBAL TL 0.06% 100.15 100.09 12
16 3,600 CDK GLOBAL TL 0.06% 100.15 100.09 12
17 3,582 MISYS TL B -0.01% 99.88 99.88 11
18 3,515 LIFEPOINT HOSPITALS TL B 0.14% 99.25 99.11 10
19 3,500 AMERICAN AIRLINES TL B 0.07% 103.88 103.81 12
20 3,500 PILOT TRAVEL TL B 0.11% 99.96 99.86 11
AVERAGE 4,581 0.23% 95.80 95.59 12.5

Top 10 Performers

Showcases the top 10 loan performers based on the largest bid price increases between 9/1/23-9/8/23

RANK NAME CHANGE PX PX-1W DEALERS
1 EAGLEPICHER TL 19.97% 96.71 80.61 8
2 BAY CLUB 2ND LIEN TL 4.09% 85.29 81.94 5
3 WP CPP 2ND LIEN TL 3.42% 84.63 81.83 8
4 CARESTREAM HEALTH TL B 3.33% 77.29 74.80 6
5 CORRECT CARE TL B 2.81% 78.21 76.07 9
6 NEP TL B 2.66% 95.80 93.31 10
7 THE NIELSEN COMPANY B.V. TL B 2.61% 95.14 92.72 8
8 MAVENIR TL B 2.61% 77.41 75.44 5
9 CUMULUS MEDIA TL 2.57% 81.02 78.99 11
10 ACCENTCARE INC TL B 2.54% 86.93 84.77 5

Bottom 10 Perfromers

Showcases the bottom 10 loan performers based on the largest bid price decreases between 9/1/23-9/8/23

RANK NAME CHANGE PX PX-1W DEALERS
1 SOUND PHYSICIANS TL -10.59% 48.18 53.89 7
2 HERITAGE POWER TL B -5.68% 20.53 21.77 7
3 SINCLAIR BROADCAST GROUP INC. TL B3 -5.14% 71.00 74.84 6
4 COMPREHENSIVE EYECARE PARTNERS TL -3.43% 74.11 76.75 10
5 RADIOLOGY PARTNERS TL B -2.51% 74.81 76.73 11
6 INNOVATIVE XCESSORIES TL -1.91% 85.30 86.95 8
7 PACKERS HOLDINGS TL -1.34% 64.73 65.61 13
8 GRAY TELEVISION TL D -1.25% 97.48 98.72 10
9 ANASTASIA BEVERLY HILLS TL B -1.24% 73.06 73.98 9
10 TENNECO TL B -1.13% 84.03 84.99 9

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/1/23-9/8/23

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 9/1/23-9/8/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 9/1/23 vs. the week ending 9/8/23

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 NESTLE SKIN HEALTH EUR TL B 16 52 36 225%
2 OBERTHUR TECHNOLOGIES SA EUR TL B 6 42 36 600%
3 ESMALGLASS EUR TL B 0 34 34 NA
4 ROCKET SOFTWARE EUR TL 6 40 34 567%
5 TECHEM EUR TL B4 12 45 33 275%
6 ZAYO EUR TL 20 52 32 160%
7 APEX GROUP EUR TL B 0 32 32 NA
8 BUSY BEES EUR TL B 6 37 31 517%
9 ION TRADING EUR TL B 14 45 31 221%
10 UNIVERSAL SERVICES EUR TL B 8 39 31 388%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 9/1/23-9/8/23

RANK TRANCHE DEALERS
1 TRANSDIGM INC. TL I 21
2 ZIGGO EUR TL H 18
3 TELENET EUR TL 18
4 HILEX POLY TL B 17
5 BELLIS ACQUISITION CO PLC EUR TL B 17
6 UPC HOLDING BV EUR TL 17
7 NTL CABLE PLC GBP TL M 16
8 NORD ANGLIA EDUCATION FINANC EUR TL B 16
9 CEVA SANTE ANIMALE EUR TL B 16
10 EIRCOM FINCO SARL EUR TL B 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 9/1/23-9/8/23

Sector Bid-Offer Spread

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

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