Syndicated Bank Loan Market Summary – February 2022
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Syndicated Bank Loan Market Summary: February 2022
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
New Issues
Loans issued during the week ending 2/18/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Del Monte Foods Co. | 600 | Term Loan | 2/15/2029 | SOFR+425 |
| Covis Pharma BV | 595 | Term Loan | 1/7/2027 | SOFR+650 |
| Garda World Security Corp. | 700 | Term Loan | 2/2/2029 | SOFR+425 |
| East West Manufacturing, LLC | 275 | Term Loan | 1/5/2029 | SOFR+575 |
| Del Monte Foods Co. | 600 | Term Loan | 2/15/2029 | SOFR+425 |
| Cast & Crew Payroll LLC | 225 | Term Loan | 12/30/2028 | SOFR+375 |
| Covis Pharma BV | 350 | Term Loan | 1/7/2027 | L+650 |
| Covis Pharma BV | 595 | Term Loan | 1/7/2027 | SOFR+650 |
| Garda World Security Corp. | 700 | Term Loan | 2/2/2029 | SOFR+425 |
| East West Manufacturing, LLC | 40 | Delayed-Draw Term Loan | 1/5/2029 | SOFR+575 |
| East West Manufacturing, LLC | 40 | Revolving Credit | 1/14/2027 | – |
| East West Manufacturing, LLC | 275 | Term Loan | 1/5/2029 | SOFR+575 |
| Mobileum Inc | 55 | Revolving Credit | 1/26/2027 | – |
| Mobileum Inc | 380 | Term Loan | 2/10/2029 | SOFR+500 |
| Mobileum Inc | 160 | Term Loan | 2/10/2030 | SOFR+800 |
| ITP Aero | 667 | Term Loan | 2/10/2029 | SOFR+400 |
| Confluent Medical Technologies Inc. | 395 | Term Loan | 2/10/2029 | SOFR+375 |
| Hunter Douglas NV | 3500 | Term Loan | 2/9/2029 | SOFR+350 |
| AP Gaming I LLC | 40 | Revolving Credit | 2/9/2027 | – |
| AP Gaming I LLC | 575 | Term Loan | 2/9/2029 | SOFR+400 |
| TKC Corp. | 320 | Term Loan | 2/7/2027 | 12% |
| Pediatric Associates | 100 | Delayed-Draw Term Loan | 2/8/2029 | L+325 |
| Pediatric Associates | 660 | Term Loan | 2/8/2029 | – |
| Austin Bidco Inc. | 670 | Term Loan | 2/8/2029 | SOFR+375 |
| Dorna Sports SL | 975 | Term Loan | 2/3/2029 | E+375 |
| Bakelite Synthetics | 485 | Term Loan | 2/2/2029 | SOFR+400 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 2/28/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Associated Materials | $550MM TLB | RBC,CS,UBS,KKR,MACQ,BMO,PNC | Q1 2022 |
| Callaway Golf Co. | $950MM TLB | BofA,JPM,MUFG,TRS | Q1 2022 |
| Compass Power Generation LLC | $650MM TLB (B+) | MS,MUFG,CA,TRS | Q1 2022 |
| Hexion Holdings Corp. | $1.825B TLs: $1.4 B TL (B2/B); $425MM TL (Caa2/B-) | GS,RBC,MS,BofA,DB,BCLY,JEFF | Q1 2022 |
| Magnate Worldwide LLC | $300MM TLs: $260MM TL; $40MM DD TL | CTB | Q1 2022 |
| Planet Home Lending LLC | $300MM TL | M&T | Q1 2022 |
| Spruce Power Holdings LLC | $600MM TLB (B1/B) | KEY | Q1 2022 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 2/1/22 – 2/28/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.63% | 98.97 | 99.60 | 14 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -5.75% | 72.70 | 77.13 | 18 |
| 3 | 5,100 | CHANGE HEALTHCARE TL B | -0.45% | 99.41 | 99.86 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.65% | 99.32 | 99.97 | 10 |
| 5 | 4,750 | ZAYO TL | -0.79% | 97.71 | 98.49 | 19 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.50% | 98.88 | 99.38 | 14 |
| 7 | 3,972 | POWER SOLUTIONS TL B | -0.64% | 98.86 | 99.50 | 10 |
| 8 | 3,900 | DIRECTV TL | -0.47% | 99.59 | 100.06 | 12 |
| 9 | 3,582 | MISYS TL B | -1.13% | 98.46 | 99.59 | 14 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -0.68% | 98.20 | 98.87 | 15 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.82% | 98.80 | 99.62 | 14 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | -1.97% | 101.68 | 103.72 | 10 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | -0.79% | 99.47 | 100.27 | 14 |
| 14 | 3,380 | SOLERA TL B | -0.69% | 99.23 | 99.91 | 16 |
| 15 | 3,325 | CINEWORLD TL B | 2.16% | 77.31 | 75.68 | 13 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.23% | 98.73 | 98.96 | 18 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.79% | 98.25 | 99.04 | 12 |
| 18 | 3,300 | DIAMOND SPORTS TL B | -10.06% | 36.45 | 40.53 | 12 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | -0.39% | 99.29 | 99.68 | 13 |
| 20 | 3,100 | JAZZ PHARMA TL B | -0.47% | 99.55 | 100.01 | 11 |
| AVERAGE | 4,035 | -1.29% | 93.54 | 94.49 | 13.5 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 2/1/22 – 2/28/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | MENS WEARHOUSE EXIT TL | 9.09% | 92.27 | 84.58 |
| 2 | STERLING TALENT SOLUTIONS TL | 7.01% | 99.63 | 93.10 |
| 3 | SCREENVISION MEDIA TL B | 4.01% | 87.27 | 83.90 |
| 4 | OUTERSTUFF TL B | 3.79% | 83.82 | 80.76 |
| 5 | GLOBAL TELESYSTEMS 2ND LIEN TL | 3.73% | 95.84 | 92.39 |
| 6 | PEABODY ENERGY TL B | 3.18% | 93.85 | 90.95 |
| 7 | TRILLIANT FOOD TL B | 2.72% | 92.22 | 89.78 |
| 8 | WORLDSTRIDES PIK HOLDCO TL | 2.49% | 68.73 | 67.06 |
| 9 | NATIONAL CINEMEDIA TL B | 2.22% | 89.79 | 87.84 |
| 10 | CINEWORLD TL B | 2.16% | 77.31 | 75.68 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 2/1/22 – 2/28/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | CONSTELLIS HOLDINGS LLC PIK 2ND LIEN TL | -35.44% | 41.96 | 65.00 |
| 2 | PSS COMPANIES TL | -28.19% | 49.58 | 69.05 |
| 3 | NSO GROUP TL B1 | -26.77% | 30.70 | 41.92 |
| 4 | SCHUR FLEXIBLES EUR TL B | -20.63% | 79.67 | 100.39 |
| 5 | CATALINA MARKETING EXIT PIK TL | -17.12% | 41.42 | 49.97 |
| 6 | TELESAT TL B | -13.75% | 71.14 | 82.48 |
| 7 | HILDING ANDERS PIK EUR TL B | -13.36% | 74.80 | 86.34 |
| 8 | HERITAGE POWER TL B | -13.28% | 64.90 | 74.84 |
| 9 | DIAMOND SPORTS TL B | -10.06% | 36.45 | 40.53 |
| 10 | WEIGHT WATCHERS TL B | -8.12% | 88.73 | 96.57 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/1/22 – 2/28/22 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 2/1/22 – 2/28/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 1/31/22 vs. the month ending 2/28/22
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BAUSCH HEALTH COMPANIES INC. TL B | 36 | 234 | 198 | 550% |
| 2 | VALUE-BASED TL | 12 | 130 | 118 | 983% |
| 3 | NORTONLIFELOCK TL B | 4 | 110 | 106 | 2650% |
| 4 | OUTPUT SERVICES GROUP TL | 46 | 132 | 86 | 187% |
| 5 | WIDEOPENWEST TL B | 116 | 193 | 77 | 66% |
| 6 | AMERICAN REF-FUEL CO LLC TL B | 118 | 194 | 76 | 64% |
| 7 | STALEY CONTL INC TL | 42 | 116 | 74 | 176% |
| 8 | BUCCANEER TL | 12 | 85 | 73 | 608% |
| 9 | WIPRO DATA CENTRE & CLOUD SERVICES INC TL B | 162 | 228 | 66 | 41% |
| 10 | ARISGLOBAL TL | 38 | 100 | 62 | 163% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/1/22 – 2/28/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ZAYO TL | 19 |
| 2 | ENVISION HEALTHCARE TL B | 19 |
| 3 | SYNLAB EUR TL B5 | 18 |
| 4 | DOUGLAS HOLDING EUR TL B | 18 |
| 5 | LUMILEDS TL B | 18 |
| 6 | ACTION NEDERLAND EUR TL B | 18 |
| 7 | HUB INTL LTD TL B | 18 |
| 8 | GVC HOLDINGS EUR TL B3 | 18 |
| 9 | ZIGGO EUR TL H | 18 |
| 10 | IFCO EUR TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/1/22 – 2/28/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 2/1/22 – 2/28/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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