Syndicated Bank Loan Market Summary – September 2023
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Syndicated Bank Loan Market Summary:September 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 9/30/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Apergy | 620 | Term Loan | 6/7/2029 | S+275 |
| Clue Opco LLC | 400 | Revolving Credit | 9/7/2028 | N/A |
| Clue Opco LLC | 1125 | Term Loan | 9/7/2030 | S+450 |
| Viasat Inc. | 617 | Term Loan | 5/30/2030 | S+450 |
| Nord Anglia Education Finance LLC | 906 | Term Loan | 1/1/2028 | S+400 |
| Chart Industries Inc. | 1781 | Term Loan | 3/17/2030 | S+325 |
| 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 |
| Tempo Acquisition LLC/FI | 2507 | Term Loan | 8/31/2028 | S+275 |
| Iridium Communications Inc. | 1500 | Term Loan | 9/15/2030 | S+250 |
| GFL Environmental Inc. | 729 | Term Loan | 5/1/2027 | S+250 |
| CPM Acquisition | 1215 | Term Loan | 5/22/2028 | S+450 |
| Usis | 600 | Term Loan | 9/11/2030 | S+325 |
| Nomad Foods | 700 | Term Loan | 11/10/2029 | S+300 |
| Compass Investors Inc. | 820 | Term Loan | 9/11/2030 | S+325 |
| Bausch & Lomb Inc. | 500 | Term Loan | 9/11/2028 | S+400 |
| Tamko Building Products Inc. | 821 | Term Loan | 9/6/2030 | S+350 |
| Restaurant Brands Intl. Inc. | 5163 | Term Loan | 9/1/2030 | S+225 |
| Sally Holdings LLC | 399 | Term Loan | 2/28/2030 | S+225 |
| US Renal Care Inc. | 1249 | Term Loan | 6/28/2028 | S+500 |
| Tecomet Inc. | N/A | Term Loan | 12/23/2026 | N/A |
| International Textile Group | 100 | Term Loan | 9/30/2027 | S+850 |
| Accuride Corp. | 282 | Term Loan | 5/18/2026 | S+750 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 9/1/23 – 9/30/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.05% | 101.56 | 101.52 | 12 |
| 2 | 7,270 | MEDLINE TL B | 1.01% | 99.90 | 98.90 | 11 |
| 3 | 5,000 | QWEST CORPORATION TL B | -5.50% | 65.77 | 69.60 | 12 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.13% | 100.16 | 100.03 | 13 |
| 5 | 4,750 | ZAYO TL | 5.22% | 80.02 | 76.05 | 15 |
| 6 | 4,750 | HUB INTL LTD TL B5 | -0.04% | 100.35 | 100.39 | 15 |
| 7 | 4,741 | INTERNET BRANDS TL B | -0.27% | 95.99 | 96.25 | 11 |
| 8 | 4,559 | TRANSDIGM INC. TL I | 0.02% | 100.05 | 100.03 | 21 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | 0.52% | 99.89 | 99.38 | 10 |
| 10 | 3,900 | DIRECTV TL | -0.58% | 98.73 | 99.31 | 15 |
| 11 | 3,600 | CDK GLOBAL TL | 0.08% | 100.08 | 100.00 | 12 |
| 12 | 3,582 | MISYS TL B | 3.19% | 99.90 | 96.81 | 11 |
| 13 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.87% | 99.01 | 98.16 | 11 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | 0.36% | 103.82 | 103.44 | 12 |
| 15 | 3,500 | PILOT TRAVEL TL B | 0.08% | 99.90 | 99.82 | 11 |
| 16 | 3,450 | GOLDEN NUGGET INC TL B | 0.12% | 98.94 | 98.83 | 14 |
| 17 | 3,420 | RCN GRANDE TL | -2.73% | 81.71 | 84.01 | 13 |
| 18 | 3,380 | SOLERA TL B | 2.68% | 96.83 | 94.31 | 12 |
| 19 | 3,300 | NTL CABLE PLC TL N | -0.06% | 97.20 | 97.26 | 11 |
| 20 | 3,190 | INTELSAT EXIT TL B | 0.19% | 99.92 | 99.73 | 12 |
| AVERAGE | 4,372 | 0.27% | 95.99 | 95.69 | 12.7 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 9/1/23 – 9/30/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | EAGLEPICHER 2ND LIEN TL | 94.80% | 97.40 | 50.00 | 4 |
| 2 | RSA SECURITY LLC TL B | 10.02% | 85.27 | 77.50 | 8 |
| 3 | QWEST CORPORATION TL B | 7.62% | 70.79 | 65.77 | 13 |
| 4 | RIVERBED PIK TL | 7.61% | 64.00 | 59.47 | 4 |
| 5 | MOBILEUM TL B | 7.53% | 68.26 | 63.49 | 6 |
| 6 | GRANITE ACQUISITION TL B | 6.58% | 91.68 | 86.02 | 12 |
| 7 | GREENWAY MEDICAL TL | 6.49% | 89.99 | 84.50 | 7 |
| 8 | EAGLEVIEW TL B | 6.32% | 94.45 | 88.84 | 6 |
| 9 | LASERSHIP TL | 6.30% | 92.32 | 86.85 | 7 |
| 10 | TRILLIANT FOOD TL B | 6.22% | 84.20 | 79.27 | 4 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 9/1/23 – 9/30/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | AT HOME STORES TL B | -26.52% | 44.83 | 61.01 | 7 |
| 2 | HDT GLOBAL TL B | -18.66% | 46.13 | 56.72 | 5 |
| 3 | PACKERS HOLDINGS TL | -9.32% | 59.27 | 65.36 | 12 |
| 4 | COMPREHENSIVE EYECARE PARTNERS TL | -8.10% | 71.64 | 77.95 | 10 |
| 5 | HUBBARD RADIO TL B | -5.91% | 90.23 | 95.89 | 5 |
| 6 | TEAM HEALTH EXT TL B | -5.30% | 75.52 | 79.75 | 10 |
| 7 | NTHRIVE TL B | -4.18% | 81.02 | 84.56 | 3 |
| 8 | ANASTASIA BEVERLY HILLS TL B | -4.15% | 71.11 | 74.19 | 10 |
| 9 | HEARTHSIDE FOODS TL B | -3.63% | 87.08 | 90.36 | 16 |
| 10 | EW SCRIPPS EXT TL B3 | -2.01% | 96.89 | 98.88 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/1/23 – 9/30/23 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 9/1/23 – 9/30/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 8/31/23 vs. the month ending 9/30/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | AVIENT CORP TL B7 | 61 | 244 | 183 | 300% |
| 2 | US FOODS TL B | 95 | 261 | 166 | 175% |
| 3 | ENSEMBLE HEALTH TL | 62 | 196 | 134 | 216% |
| 4 | CHEMOURS TL B | 46 | 176 | 130 | 283% |
| 5 | GO DADDY TL B5 | 112 | 241 | 129 | 115% |
| 6 | CHARTER NEX TL | 118 | 233 | 115 | 97% |
| 7 | TECTA AMERICA TL B | 38 | 153 | 115 | 303% |
| 8 | CITRIX TL A | 153 | 265 | 112 | 73% |
| 9 | SS&C TECH TL B7 | 210 | 317 | 107 | 51% |
| 10 | CROCS TL B | 168 | 274 | 106 | 63% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/1/23 – 9/30/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ZIGGO EUR TL H | 18 |
| 2 | TELENET EUR TL | 18 |
| 3 | TRANSDIGM INC. TL I | 17 |
| 4 | BMC SOFTWARE TL B | 17 |
| 5 | HILEX POLY TL B | 17 |
| 6 | USS PARENT 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 9/1/23 – 9/30/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/1/23 – 9/30/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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