Syndicated Bank Loan Market Summary – April 2022
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Syndicated Bank Loan Market Summary: April 2022
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
New Issues
Loans issued during the month ending 4/30/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Five Star Holding | 630 | Term Loan | 4/27/2029 | S+425 |
| Five Star Holding | 250 | Term Loan | 4/18/2030 | N/A |
| Paradigm Outcomes | 60 | Term Loan | 10/1/2026 | S+750 |
| Paradigm Outcomes | 125 | Term Loan | 10/1/2025 | S+425 |
| Mariner LLC | 25 | Delayed-Draw Term Loan | 4/26/2029 | S+325 |
| Mariner LLC | 150 | Term Loan | 4/26/2029 | S+325 |
| Expedia Group Inc. | 2500 | Revolving Credit | 4/14/2027 | N/A |
| CPG International Inc. | 575 | Term Loan | 4/18/2029 | S+250 |
| Brook & Whittle LTD | 131 | Term Loan | 12/1/2028 | S+400 |
| Boliden Mineral AB | 400 | Revolving Credit | 4/14/2025 | N/A |
| Boliden Mineral AB | 450 | Revolving Credit | 4/14/2027 | N/A |
| Sinclair Television Group Inc. | 750 | Term Loan | 4/13/2029 | S+375 |
| Penn National Gaming Inc. | 1000 | Term Loan | 4/12/2029 | S+300 |
| Ensign Group Inc. | 600 | Revolving Credit | 4/8/2027 | N/A |
| Element Materials Technology Group | 400 | Term Loan | 4/4/2029 | L+425 |
| Element Materials Technology Group | 1425 | Term Loan | 4/4/2029 | S+435 |
| Veracode | 815 | Term Loan | 4/7/2029 | S+475 |
| STG Logistics Inc. | 750 | Term Loan | N/A | S+600 |
| Quirch Foods Co. | 125 | Term Loan | 10/27/2022 | S+450 |
| MKS Instruments Inc. | 600 | Term Loan | 4/4/2029 | L+300 |
| MKS Instruments Inc. | 500 | Revolving Credit | 4/4/2027 | N/A |
| MKS Instruments Inc. | 3600 | Term Loan | 4/4/2029 | S+275 |
| MKS Instruments Inc. | 1000 | Term Loan | 4/4/2027 | S+250 |
| Brightview Landscapes LLC | 1200 | Term Loan | 4/14/2029 | S+325 |
| Imprivata Inc. | 300 | Term Loan | 4/8/2030 | N/A |
| Delivery Hero SE | 825 | Term Loan | 7/4/2027 | S+575 |
| Perrigo Co. | 550 | Delayed-Draw Term Loan | 3/28/2029 | S+250 |
| Perrigo Co. | 1000 | Revolving Credit | 3/28/2027 | N/A |
| Perrigo Co. | 500 | Term Loan | 3/28/2027 | N/A |
| Perrigo Co. | 1100 | Term Loan | 3/28/2029 | S+250 |
| Belfor Holdings Inc | 235 | Term Loan | 4/6/2026 | N/A |
| Oldcastle Building Envelope | 1685 | Term Loan | 4/1/2029 | S+450 |
| Forefront Dermatology | 535 | Term Loan | 4/1/2029 | S+425 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 4/30/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Azz Inc. | $1.925B credit facilities: $400MM RC; $1.525B TL | CITI, WF | Q2 2022 |
| Bausch + Lomb | $2.5B TL (Ba2/B+) | GS, MS, CITI, JPM, BCLY | Q2 2022 |
| Curium Bidco | $335MM TL | JPM | Q2 2022 |
| Dayco Products LLC | $470MM TLB (B3) | BofA | Q2 2022 |
| Polyconcept | $925MM credit facilities: $800MM TLB; $125MM RC | KKR | Q2 2022 |
| Restoration Hardware Inc. | $1B TL (BB) | BofA | Q2 2022 |
| Terraform Power | $500MM TL | RBC,BCLY, WF | Q2 2022 |
| Syniverse Holdings LLC | $1.025B TL | BCLY, GS, MIZ, BofA, CS, DB, BNP, SG | Q2 2022 |
| VXI Global Solutions | $615MM TLB (B) | BC, CG | Q2 2022 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 4/1/22 – 4/30/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.01% | 98.98 | 98.97 | 10 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -8.01% | 66.87 | 72.70 | 17 |
| 3 | 4,750 | ZAYO TL | -0.53% | 97.19 | 97.71 | 16 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.45% | 99.33 | 98.88 | 13 |
| 5 | 3,900 | DIRECTV TL | 0.19% | 99.78 | 99.59 | 12 |
| 6 | 3,582 | MISYS TL B | 0.16% | 98.62 | 98.46 | 13 |
| 7 | 3,524 | TRANSDIGM INC. TL F | -0.10% | 98.10 | 98.20 | 13 |
| 8 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.50% | 99.29 | 98.80 | 12 |
| 9 | 3,500 | AMERICAN AIRLINES TL B | -0.50% | 101.17 | 101.68 | 11 |
| 10 | 3,450 | GOLDEN NUGGET INC TL B | -0.08% | 99.39 | 99.47 | 12 |
| 11 | 3,380 | SOLERA TL B | -0.06% | 99.17 | 99.23 | 14 |
| 12 | 3,325 | CINEWORLD TL B | -0.42% | 76.98 | 77.31 | 14 |
| 13 | 3,312 | HUB INTL LTD TL B | 0.04% | 98.77 | 98.73 | 15 |
| 14 | 3,300 | NTL CABLE PLC TL N | 0.37% | 98.62 | 98.25 | 10 |
| 15 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.19% | 99.48 | 99.29 | 11 |
| 16 | 3,100 | TRANSUNION TL B6 | 0.18% | 99.06 | 98.89 | 10 |
| 17 | 3,100 | JAZZ PHARMA TL B | 0.05% | 99.59 | 99.55 | 11 |
| 18 | 3,000 | WESTINGHOUSE TL B | -0.29% | 98.12 | 98.40 | 13 |
| 19 | 2,985 | HARBOR FREIGHT TL B | -0.47% | 97.81 | 98.27 | 11 |
| 20 | 2,938 | ULTIMATE SOFTWARE TL | 0.36% | 99.27 | 98.92 | 10 |
| AVERAGE | 3,768 | -0.40% | 96.28 | 96.56 | 12.4 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/1/22 -4/30/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | JILL TL B | 8.81% | 90.80 | 83.45 |
| 2 | KALLE EUR TL B | 5.99% | 86.84 | 81.94 |
| 3 | HUNKEMOLLER BV EUR TL B | 5.58% | 96.28 | 91.19 |
| 4 | AUDIO VISUAL 2ND LIEN TL | 4.31% | 87.98 | 84.35 |
| 5 | MCDERMOTT EXIT TL | 4.12% | 50.08 | 48.09 |
| 6 | DIGI INTERNATIONAL TL B | 3.68% | 99.07 | 95.55 |
| 7 | LIGHTSTONE GENERATION LLC TL C | 3.67% | 91.97 | 88.72 |
| 8 | EASTERN POWER TL B | 3.47% | 72.60 | 70.16 |
| 9 | ESSENTIAL POWER TL B | 3.43% | 82.74 | 80.00 |
| 10 | OREGON CLEAN ENERGY TL | 3.01% | 95.27 | 92.48 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/1/22 -4/30/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | LUMILEDS TL B | -21.66% | 46.92 | 59.89 |
| 2 | SCHUR FLEXIBLES EUR TL B | -21.25% | 54.44 | 69.13 |
| 3 | ISAGENIX TL | -16.40% | 58.94 | 70.50 |
| 4 | UNITED ROAD SERVICES TL | -14.04% | 73.17 | 85.12 |
| 5 | BELK EXIT SO TL | -12.81% | 56.52 | 64.82 |
| 6 | ENVISION HEALTHCARE PIK TL B | -10.77% | 59.58 | 66.77 |
| 7 | SERTA SIMMONS TL | -10.52% | 53.65 | 59.95 |
| 8 | HARLAND CLARKE TL B7 | -9.65% | 82.06 | 90.83 |
| 9 | CAREERBUILDER TL | -9.20% | 69.01 | 76.00 |
| 10 | HERITAGE POWER TL B | -7.97% | 53.35 | 57.97 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/1/22 -4/30/22 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 4/1/22 -4/30/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 3/31/22 vs. the month ending 4/30/22
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | APPLIED SYSTEMS TL B | 48 | 295 | 247 | 515% |
| 2 | ELEMENT SOLUTIONS INC TL B | 9 | 178 | 169 | 1878% |
| 3 | SS&C TECH TL B4 | 133 | 296 | 163 | 123% |
| 4 | DAE AVIATION TL B2 | 2 | 149 | 147 | 7350% |
| 5 | US TELEPACIFIC TL B | 80 | 218 | 138 | 173% |
| 6 | DIGICERT 2ND LIEN TL | 16 | 150 | 134 | 838% |
| 7 | AIR MEDICAL TL B2 | 186 | 317 | 131 | 70% |
| 8 | HYLAND SOFTWARE 2ND LIEN TL | 8 | 118 | 110 | 1375% |
| 9 | ISAGENIX TL | 40 | 149 | 109 | 273% |
| 10 | NESTLE SKIN HEALTH TL B | 192 | 292 | 100 | 52% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/1/22 -4/30/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | ACTION NEDERLAND EUR TL B | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | IFCO EUR TL B | 18 |
| 5 | LIGHTSTONE GENERATION LLC TL B | 17 |
| 6 | ENVISION HEALTHCARE TL B | 17 |
| 7 | GVC HOLDINGS EUR TL B3 | 17 |
| 8 | TELENET EUR TL | 17 |
| 9 | BANIJAY GROUP EUR TL B | 17 |
| 10 | ALPHA BIDCO EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/1/22 -4/30/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/1/22 -4/30/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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