Syndicated Bank Loan Market Summary – March 2022
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Syndicated Bank Loan Market Summary: March 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 3/31/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Victra Finance Corp. | 620 | Term Loan | 3/11/2029 | S+725 |
| Skillsoft Corp. | 160 | Term Loan | 7/16/2028 | S+525 |
| Smyrna Ready Mix | 750 | Term Loan | 3/10/2029 | S+425 |
| Owens & Minor Inc. | 600 | Term Loan | 3/23/2029 | S+385 |
| Century Casinos, Inc. | 350 | Term Loan | 3/14/2029 | S+600 |
| SPX Flow Inc. | 200 | Revolving Credit | 3/7/2027 | N/A |
| SPX Flow Inc. | 1610 | Term Loan | 3/7/2029 | S+450 |
| Restaurant Technologies Inc. | 100 | Revolving Credit | N/A | N/A |
| Avis Budget Car Rental LLC | 500 | Term Loan | 3/7/2029 | S+360 |
| Gigamon | 940 | Term Loan | 2/28/2029 | S+575 |
| Ellucian Inc. | 350 | Term Loan | 10/7/2027 | S+425 |
| Restaurant Technologies Inc. | 810 | Term Loan | 3/9/2029 | S+425 |
| Idaho Power Corp. | 150 | Delayed-draw Term Loan | 3/4/2024 | N/A |
| Imprivata Inc. | 383 | Term Loan | 12/1/2027 | S+400 |
| Convergint Technologies LLC | 135 | Term Loan | 3/31/2028 | N/A |
| Walt Disney Co. | 4000 | Revolving Credit | 3/4/2027 | N/A |
| Virgin Active Hldg Limited | 41 | Delayed-draw Term Loan | 6/30/2022 | L+425 |
| Viasat Inc. | 700 | Term Loan | 3/2/2029 | N/A |
| Walt Disney Co. | 5250 | Revolving Credit | 3/3/2023 | N/A |
| Voyage Digital | 600 | Term Loan | 2/16/2029 | N/A |
| Voyage Digital | 520 | Term Loan | 3/3/2029 | S+450 |
| Tronox Inc. | 400 | Term Loan | 2/22/2029 | S+325 |
| North West Co. Inc. | 300 | Revolving Credit | 3/1/2027 | N/A |
| North West Co. Inc. | 52 | Revolving Credit | 3/1/2027 | N/A |
| Weber-Stephen Products Co. | 250 | Term Loan | 10/30/2027 | S+425 |
| Team Health Inc. | 1585 | Term Loan | 2/17/2022 | N/A |
| Entegris Inc. | 2495 | Term Loan | 2/15/2029 | S+300 |
| Storable | 130 | Term Loan | 4/16/2028 | S+350 |
| Sinclair Television Group Inc. | 635 | Term Loan | 5/26/2026 | N/A |
| Sabre GLBL Inc. | 625 | Term Loan | 6/30/2028 | S+435 |
| FloWorks International | 270 | Term Loan | 1/31/2029 | S+575 |
| Diamond Sports Group, LLC | N/A | Term Loan | 8/24/2026 | N/A |
| Alliant Energy Finance LLC | 300 | Term Loan | 3/1/2024 | S+60 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 3/31/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Belfor Holdings Inc. | $250MM TL | JPM | Q2 2022 |
| Doosan Bobcat | $850MM TLB (Ba3/BB) | BofA, JPM, PNC, TD | Q2 2022 |
| Everstream | $759.5MM credit facilities: $40MM RC; $494.5MM TL; $225MM DD TL | SG, NTXS, ING, STD, SMBC, CB, MACQ, RBC, TD, VT | Q2 2022 |
| Help at Home | $2.12B credit facilities: $250MM RC, $1.48B TL; $390MM TL | BofA, JPM, DB, MACQ, CTB, GS, MIZ | Q2 2022 |
| Perrigo Co. PLC | $2.1B credit facilities (BBB-/BBB-): $1B RC; $300MM TLA; $800MM TLB | JPM, MS, WF, BofA, HSBC | Q2 2022 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 3/1/22 – 3/31/22
| 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 | 15 |
| 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 | 14 |
| 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 | JAZZ PHARMA TL B | 0.05% | 99.59 | 99.55 | 11 |
| 17 | 3,000 | WESTINGHOUSE TL B | -0.29% | 98.12 | 98.40 | 13 |
| 18 | 2,985 | HARBOR FREIGHT TL B | -0.47% | 97.81 | 98.27 | 11 |
| 19 | 2,938 | ULTIMATE SOFTWARE TL | 0.36% | 99.27 | 98.92 | 10 |
| 20 | 2,884 | BMC SOFTWARE TL B | 0.51% | 99.30 | 98.79 | 16 |
| AVERAGE | 3,757 | -0.38% | 96.29 | 96.56 | 12.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 3/1/22 – 3/31/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | JILL TL B | 19.65% | 83.45 | 69.75 |
| 2 | TRAVELPORT TL B | 10.54% | 84.17 | 76.15 |
| 3 | EASTERN POWER TL B | 9.27% | 70.16 | 64.21 |
| 4 | AUDIO VISUAL 2ND LIEN TL | 8.28% | 84.35 | 77.90 |
| 5 | LIGHTSTONE GENERATION LLC TL B | 7.76% | 89.50 | 83.05 |
| 6 | RSA SECURITY LLC DD 2ND LIEN TL | 7.08% | 91.41 | 85.37 |
| 7 | GLASS MOUNTAIN PIPELINE TL B | 6.24% | 90.89 | 85.56 |
| 8 | PGS TL B | 5.78% | 89.97 | 85.05 |
| 9 | HARVEY GULF EXIT TL | 4.85% | 95.36 | 90.95 |
| 10 | TELESAT TL B | 4.29% | 74.19 | 71.14 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/1/22 – 3/31/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | HILDING ANDERS PIK EUR TL B | -34.43% | 49.05 | 74.80 |
| 2 | HOLLAND & BARRETT GBP TL B | -20.79% | 68.46 | 86.43 |
| 3 | LUMILEDS TL B | -20.42% | 59.89 | 75.26 |
| 4 | 24 HOUR FITNESS EXIT TL | -19.35% | 56.19 | 69.67 |
| 5 | SCHUR FLEXIBLES EUR TL B | -13.23% | 69.13 | 79.67 |
| 6 | INTERNAP EXIT PIK TL | -10.74% | 45.52 | 51.00 |
| 7 | HERITAGE POWER TL B | -10.68% | 57.97 | 64.90 |
| 8 | JORDAN HEALTH TL | -10.46% | 69.75 | 77.90 |
| 9 | CATALINA MARKETING EXIT PIK TL | -9.19% | 37.61 | 41.42 |
| 10 | REVLON TL B | -8.31% | 51.23 | 55.87 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/1/22 – 3/31/22 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 3/1/22 – 3/31/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 2/28/22 vs. the month ending 3/31/22
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | NESTLE SKIN HEALTH TL B | 0 | 158 | 158 | NA |
| 2 | AVANTOR TL B5 | 78 | 197 | 119 | 153% |
| 3 | GOLDEN NUGGET INC TL B | 333 | 449 | 116 | 35% |
| 4 | CINEWORLD TL B | 256 | 358 | 102 | 40% |
| 5 | HOFFMASTER TL | 204 | 305 | 101 | 50% |
| 6 | 8TH AVENUE FOOD & PROVISIONS EXT TL B | 50 | 148 | 98 | 196% |
| 7 | GENESEE & WYOMING TL | 360 | 454 | 94 | 26% |
| 8 | HILTON TL B | 344 | 438 | 94 | 27% |
| 9 | NATIONAL CINEMEDIA TL B | 177 | 268 | 91 | 51% |
| 10 | HARLAND CLARKE TL B | 168 | 257 | 89 | 53% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/1/22 – 3/31/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | ACTION NEDERLAND EUR TL B | 18 |
| 3 | ENVISION HEALTHCARE TL B | 18 |
| 4 | IFCO EUR TL B | 18 |
| 5 | SYNLAB EUR TL B5 | 17 |
| 6 | DOUGLAS HOLDING EUR TL B | 17 |
| 7 | CERBA HEALTHCARE EUR TL B | 17 |
| 8 | AMC ENTERTAINMENT TL B1 | 17 |
| 9 | ZIGGO EUR TL H | 17 |
| 10 | TELENET EUR TL | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/1/22 – 3/31/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/1/22 – 3/31/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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