Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 9/22/23
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 9/22/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| WorldPay | 5200 | Term Loan | 9/12/2030 | S+300 |
| Syneos Health, Inc. | 2700 | Term Loan | 9/6/2030 | S+400 |
| GIP Pilot Acquisition Partners, LP | 1100 | Term Loan | 9/8/2030 | S+300 |
| Energy Solutions Inc. | 640 | Term Loan | 9/6/2030 | S+400 |
forward calendar
Forward calendar during the week ending 9/22/23
| Issuer | Deal Information | Banks | Expected Issue Date |
| Alphia Inc. | $640MM TL (B2/B) | GS,JEFF,BMO,CTZ,DB,MS,RBB,SMBC,WF | Q3 2023 |
| Aramark Uniform Services | $1.8B credit facilities: $300MM RC; $1.5B TL | N/A | Q3 2023 |
| CHG Healthcare | $580MM TL (B2/B) | GS,JPM,BCLY,BMO,CITI | Q3 2023 |
| Interstate Waste Services | $575MM TLB (B2/B) | JPM,BMO,CMC,MUFG,STF | Q3 2023 |
| Realtruck Group Inc. | $180MM TL (B-) | JEFF | Q3 2023 |
| Simon & Schuster | $1.1B credit facilities | JEFF,KKR,UBS,HSBC,RBC | Q3 2023 |
| Spring Education Group | $950MM credit facilities: $100MM RC; $850MM TLB | MACQ,GS | Q3 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/15/23 – 9/22/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 7,270 | MEDLINE TL B | -0.08% | 99.93 | 100.01 | 12 |
| 2 | 5,900 | ATHENAHEALTH TL | -0.22% | 98.55 | 98.77 | 10 |
| 3 | 5,000 | QWEST CORPORATION TL B | 3.31% | 71.70 | 69.40 | 12 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.07% | 100.15 | 100.22 | 12 |
| 5 | 4,750 | HUB INTL LTD TL B5 | -0.04% | 100.61 | 100.64 | 15 |
| 6 | 4,750 | HUB INTL LTD TL B5 | -0.04% | 100.61 | 100.64 | 15 |
| 7 | 4,750 | ZAYO TL | 1.24% | 81.62 | 80.62 | 15 |
| 8 | 4,741 | INTERNET BRANDS TL B | -0.16% | 96.95 | 97.10 | 12 |
| 9 | 4,741 | INTERNET BRANDS TL B | -0.16% | 96.95 | 97.10 | 12 |
| 10 | 4,559 | TRANSDIGM INC. TL I | -0.06% | 100.20 | 100.26 | 18 |
| 11 | 4,559 | TRANSDIGM INC. TL I | -0.06% | 100.20 | 100.26 | 18 |
| 12 | 4,463 | ULTIMATE SOFTWARE TL B | -0.04% | 99.90 | 99.95 | 12 |
| 13 | 4,415 | ICON PLC TL B | -0.16% | 100.04 | 100.21 | 11 |
| 14 | 4,260 | NUMERICABLE TL B | 0.27% | 90.53 | 90.29 | 11 |
| 15 | 4,260 | NUMERICABLE TL B | 0.27% | 90.53 | 90.29 | 11 |
| 16 | 4,050 | CITRIX TL B | -0.22% | 96.55 | 96.76 | 10 |
| 17 | 4,050 | CITRIX TL B | -0.22% | 96.55 | 96.76 | 10 |
| 18 | 3,900 | DIRECTV TL | -0.26% | 98.44 | 98.70 | 15 |
| 19 | 3,600 | CDK GLOBAL TL | -0.11% | 100.17 | 100.28 | 12 |
| 20 | 3,600 | CDK GLOBAL TL | -0.11% | 100.17 | 100.28 | 12 |
| AVERAGE | 4,631 | 0.15% | 96.02 | 95.93 | 12.8 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 9/15/23-9/22/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | RSA SECURITY LLC TL B | 6.26% | 84.60 | 79.61 | 8 |
| 2 | GOPHER RESOURCE TL | 5.93% | 83.36 | 78.69 | 11 |
| 3 | NAPA MANAGEMENT SERVICES TL B | 5.17% | 80.40 | 76.44 | 6 |
| 4 | QWEST CORPORATION TL B | 3.31% | 71.70 | 69.40 | 12 |
| 5 | EQUINOX HLDGS INC 2ND LIEN TL | 3.28% | 90.00 | 87.14 | 8 |
| 6 | VALEO FOODS EUR TL B | 2.18% | 90.54 | 88.60 | 13 |
| 7 | POULT EUR TL B | 1.89% | 87.01 | 85.40 | 14 |
| 8 | SPRINGS WINDOW TL B | 1.79% | 85.37 | 83.86 | 9 |
| 9 | AT&T COLOCATION TL | 1.79% | 83.59 | 82.12 | 7 |
| 10 | QUORUM BUSINESS TL B | 1.76% | 91.77 | 90.18 | 6 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 9/15/23-9/22/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | PACKERS HOLDINGS TL | -6.10% | 60.47 | 64.40 | 13 |
| 2 | INNOVATIVE XCESSORIES TL | -3.43% | 81.60 | 84.50 | 8 |
| 3 | US ANESTHESIA TL B | -3.20% | 91.86 | 94.89 | 9 |
| 4 | SOUND PHYSICIANS TL | -2.35% | 46.62 | 47.74 | 7 |
| 5 | MICHAELS STORES TL | -2.30% | 91.30 | 93.45 | 11 |
| 6 | HUBBARD RADIO TL B | -2.14% | 92.15 | 94.17 | 5 |
| 7 | FLAKT WOODS EUR TL B | -2.13% | 90.08 | 92.04 | 10 |
| 8 | NTHRIVE TL B | -1.96% | 81.76 | 83.40 | 3 |
| 9 | SECURUS TL | -1.94% | 89.30 | 91.06 | 7 |
| 10 | SI GROUP TL | -1.84% | 80.07 | 81.58 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/15/23-9/22/23
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 9/15/23-9/22/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/15/23 vs. the week ending 9/22/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | AMERICAN AIRLINES TL B | 55 | 106 | 51 | 93% |
| 2 | TELESAT TL B5 | 10 | 60 | 50 | 500% |
| 3 | PLASKOLITE TL | 2 | 40 | 38 | 1900% |
| 4 | ANCHOR GLASS PIK 2ND LIEN TL | 6 | 34 | 28 | 467% |
| 5 | TECTUM HOLDINGS INC TL B | 37 | 63 | 26 | 70% |
| 6 | ACCOLADE WINES GBP TL B | 52 | 78 | 26 | 50% |
| 7 | ANCHOR GLASS EXT PIK TL | 5 | 30 | 25 | 500% |
| 8 | GO DADDY TL B5 | 58 | 83 | 25 | 43% |
| 9 | BURGER KING TL B | 20 | 42 | 22 | 110% |
| 10 | OPEN TEXT CORP TL B | 54 | 76 | 22 | 41% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/15/23-9/22/23
| RANK | TRANCHE | DEALERS |
| 1 | TRANSDIGM INC. TL I | 18 |
| 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 | BMC SOFTWARE TL B | 17 |
| 7 | HEARTHSIDE FOODS TL B | 16 |
| 8 | ACCOLADE WINES GBP TL B | 16 |
| 9 | ALKEGEN 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 9/15/23-9/22/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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