Syndicated Bank Loan Market Summary – February 2023
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Syndicated Bank Loan Market Summary: February 2023
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 2/28/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| US Telepacific Corp. | 549 | Term Loan | 5/2/2026 | S+650 |
| Nexstar Broadcasting Group Inc. | 2425 | Term Loan | 6/21/2027 | L+150 |
| 888 Acquisitions LTD | 474 | Delayed-draw Term Loan | 7/1/2028 | N/A |
| Cirque Du Soleil | 550 | Term Loan | 3/8/2030 | S+450 |
| Aggreko PLC | 300 | Term Loan | 8/17/2026 | S+500 |
| ASK Chemicals GmbH | 225 | Term Loan | 1/30/2026 | E+675 |
| Creative Artists Agency LLC | 1550 | Term Loan | 11/16/2028 | S+350 |
| Component Hardware Group Inc. | 68 | Term Loan | 7/1/2024 | L+500 |
| Accel Entertainment LLC | 328 | Term Loan | N/A | N/A |
| TransDigm Group Inc. | 4559 | Term Loan | 10/8/2028 | S+325 |
| TMS International Corp. | 450 | Term Loan | 2/24/2030 | S+475 |
| Sedgwick CMS Hldg Inc. | 3500 | Term Loan | 2/16/2028 | S+400 |
| Engineered Machinery Hldg Inc. | 150 | Term Loan | 5/21/2028 | L+350 |
| Par Petroleum Corp. | 550 | Term Loan | 2/3/2030 | S+425 |
| HanesBrands Inc. | 900 | Term Loan | 2/6/2030 | S+375 |
| Castlelake Aviation Finance | 635 | Term Loan | 10/1/2027 | S+275 |
| Avaya Inc. | 500 | DIP | 8/15/2023 | S+800 |
| Zoominfo Technologies LLC | 600 | Term Loan | 2/1/2030 | S+275 |
| Traverse Midstream Partners LLC | 1280 | Term Loan | 2/6/2028 | S+385 |
| Sally Beauty Holdings Inc. | 400 | Term Loan | 2/13/2030 | S+250 |
| NielsenIQ | 1455 | Term Loan | 3/1/2028 | S+625 |
| Atlantia SpA | N/A | Term Loan | 7/19/2027 | N/A |
| Ineos Finance PLC | 1200 | Term Loan | 2/1/2030 | S+350 |
| Asurion LLC | 1180 | Term Loan | 8/19/2028 | S+435 |
| Arby’s Restaurant Group | 1750 | Term Loan | 12/15/2027 | S+325 |
| AmWINS Group Inc. | 850 | Term Loan | 2/1/2028 | S+285 |
| United Talent Agency LLC | 250 | Term Loan | 7/1/2028 | S+400 |
| UGI Energy Services Inc. | 800 | Term Loan | 2/15/2030 | S+325 |
| ArcLight GCX | 615 | Term Loan | 5/18/2029 | S+375 |
| American Airlines Inc. | 1000 | Term Loan | 2/1/2028 | S+275 |
| AmWINS Group Inc. | 850 | Term Loan | 2/19/2028 | S+300 |
| Aggreko PLC | 300 | Term Loan | 8/17/2026 | S+550 |
| Restaurant Brands Intl. Inc. | 260 | Term Loan | 10/1/2028 | N/A |
| Amynta | 1040 | Term Loan | 2/28/2028 | S+500 |
| Alliant Holdings | 1250 | Term Loan | 2/6/2027 | S+350 |
| American Greetings Corp. | 402 | Term Loan | 4/6/2028 | S+600 |
| Zest Dental | 320 | Term Loan | 1/25/2028 | S+550 |
| Vue Entertainment Hldgs Ltd | 649 | Term Loan | 12/31/2027 | E+800 |
| H.B. Fuller Co. | 800 | Term Loan | 2/1/2030 | S+250 |
| Del Monte Foods Co. | 125 | Term Loan | 5/1/2029 | S+425 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 2/1/23 – 2/28/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.25% | 100.56 | 100.31 | 14 |
| 2 | 7,270 | MEDLINE TL B | -0.75% | 96.31 | 97.04 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.06% | 99.85 | 99.79 | 13 |
| 4 | 5,000 | QWEST CORPORATION TL B | -14.68% | 82.37 | 96.55 | 10 |
| 5 | 4,750 | ZAYO TL | -1.04% | 83.24 | 84.11 | 17 |
| 6 | 3,900 | DIRECTV TL | -1.07% | 97.16 | 98.22 | 14 |
| 7 | 3,600 | NORTONLIFELOCK TL B | -0.75% | 98.89 | 99.64 | 10 |
| 8 | 3,600 | CDK GLOBAL TL | -0.07% | 99.64 | 99.70 | 11 |
| 9 | 3,582 | MISYS TL B | 0.30% | 94.15 | 93.86 | 12 |
| 10 | 3,515 | TRANSDIGM INC. TL F | 0.13% | 99.87 | 99.75 | 10 |
| 11 | 3,500 | PILOT TRAVEL TL B | -0.55% | 99.13 | 99.68 | 11 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | -0.11% | 102.49 | 102.60 | 16 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | -1.84% | 96.91 | 98.72 | 12 |
| 14 | 3,420 | RCN GRANDE TL | -0.23% | 82.86 | 83.06 | 10 |
| 15 | 3,380 | SOLERA TL B | -2.16% | 92.77 | 94.82 | 15 |
| 16 | 3,325 | CINEWORLD TL B | -0.34% | 16.49 | 16.55 | 12 |
| 17 | 3,312 | HUB INTL LTD TL B | -0.12% | 99.67 | 99.79 | 13 |
| 18 | 3,300 | NTL CABLE PLC TL N | -1.42% | 97.99 | 99.40 | 12 |
| 19 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | 34.33% | 11.25 | 8.38 | 12 |
| 20 | 3,190 | INTELSAT EXIT TL B | 0.48% | 98.83 | 98.35 | 12 |
| AVERAGE | 4,119 | 0.52% | 87.52 | 88.52 | 12.3 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 2/1/23 – 2/28/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CONSTELLATION ENTERPRISES 2ND LIEN GBP TL | 25.85% | 50.74 | 40.32 | 11 |
| 2 | VERITAS US INC TL B | 14.45% | 78.27 | 68.38 | 14 |
| 3 | LABEYRIE EUR TL B | 14.36% | 72.59 | 63.47 | 12 |
| 4 | LASERSHIP TL | 13.25% | 83.93 | 74.11 | 8 |
| 5 | FLAKT WOODS EUR TL B | 13.05% | 85.95 | 76.03 | 8 |
| 6 | TRADESMEN TL | 12.20% | 68.63 | 61.17 | 13 |
| 7 | SIGMA BIDCO PLN TL B3 | 11.57% | 89.85 | 80.53 | 7 |
| 8 | US RENAL CARE TL B | 9.44% | 66.40 | 60.67 | 14 |
| 9 | EQUINOX HLDGS INC TL B | 8.64% | 83.84 | 77.17 | 14 |
| 10 | MISYS 2ND LIEN TL | 7.65% | 84.64 | 78.63 | 14 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 2/1/23 – 2/28/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | QWEST CORPORATION TL B | -14.68% | 82.37 | 96.55 | 10 |
| 2 | CORRECT CARE TL B | -10.04% | 66.01 | 73.38 | 7 |
| 3 | TROPICANA 2ND LIEN TL | -8.40% | 76.21 | 83.20 | 6 |
| 4 | LEVEL III TL B | -7.19% | 91.12 | 98.18 | 9 |
| 5 | HOLLEY PURCHASER TL | -6.55% | 83.40 | 89.25 | 6 |
| 6 | VENATOR TL B | -5.82% | 74.22 | 78.81 | 8 |
| 7 | MULTIPLAN TL B | -5.71% | 84.47 | 89.58 | 10 |
| 8 | HEARTHSIDE FOODS TL B2 | -4.29% | 89.16 | 93.15 | 8 |
| 9 | LIGHTSTONE GENERATION LLC TL B | -4.21% | 84.74 | 88.47 | 6 |
| 10 | HEARTHSIDE FOODS TL B | -4.11% | 89.10 | 92.91 | 13 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/1/23 – 2/28/23 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 2/1/23 – 2/28/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 1/31/23 vs. the month ending 2/28/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BAYER AG TL B | 92 | 250 | 158 | 172% |
| 2 | GEO GROUP TL1 | 58 | 209 | 151 | 260% |
| 3 | WEST CORP TL B | 18 | 131 | 113 | 628% |
| 4 | WARNER MUSIC TL | 156 | 228 | 72 | 46% |
| 5 | PRESS GANEY EXT TL | 6 | 78 | 72 | 1200% |
| 6 | BRIGHTSPRING EXT TL B | 38 | 103 | 65 | 171% |
| 7 | EPIQ SYSTEMS TL B | 133 | 196 | 63 | 47% |
| 8 | INSPIRE BRANDS TL B | 40 | 101 | 61 | 153% |
| 9 | MISTER CAR WASH TL B | 196 | 255 | 59 | 30% |
| 10 | FRONTIER DIP TL B | 140 | 198 | 58 | 41% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/1/23 – 2/28/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CONVERGEONE TL B | 17 |
| 2 | ZAYO TL | 17 |
| 3 | WHEEL PROS TL | 17 |
| 4 | FRONERI TL B | 16 |
| 5 | AMC ENTERTAINMENT TL B1 | 16 |
| 6 | CLEAR CHANNEL OUTDOOR TL B | 16 |
| 7 | RACKSPACE HOSTING TL B | 16 |
| 8 | AMERICAN AIRLINES TL B | 16 |
| 9 | STAPLES TL B1 | 15 |
| 10 | TELENET EUR TL | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/1/23 – 2/28/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 2/1/23 – 2/28/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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