Syndicated Bank Loan Market Summary – August 2023
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Syndicated Bank Loan Market Summary: August 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 8/31/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Tecta America Corp. | 210 | Term Loan | 4/10/2028 | S+425 |
| Quikrete Holdings Inc. | 1679 | Term Loan | 3/18/2029 | S+275 |
| U.S. Foodservice | 722 | Term Loan | 11/22/2028 | S+250 |
| Playcore Inc. | 640 | Term Loan | 3/1/2027 | S+400 |
| Entegris Inc. | 2318 | Term Loan | 7/6/2029 | S+250 |
| DAE Aviation Hldg Inc. | 773 | Term Loan | 8/1/2028 | S+400 |
| DAE Aviation Hldg Inc. | 1803 | Term Loan | 8/1/2028 | S+400 |
| CHG Healthcare Services Inc. | 580 | Term Loan | 9/1/2028 | S+375 |
| Heartland Dental Care Inc. | 350 | Term Loan | 4/29/2028 | S+500 |
| Tenneco Inc. | 1243 | Term Loan | 11/1/2028 | S+510 |
| Epicor Software Corp. | 500 | Term Loan | N/A | S+375 |
| Asgn Incorporated | 500 | Term Loan | 8/2/2030 | S+225 |
| Access CIG LLC | 1125 | Term Loan | 7/31/2028 | S+500 |
| Open Text Corp. | 3567 | Term Loan | 1/31/2030 | S+275 |
| Northriver Midstream Finance LP | 850 | Term Loan | 8/2/2030 | S+300 |
| Installed Building Products Inc | 493 | Term Loan | 12/14/2028 | S+200 |
| Cushman & Wakefield Inc. | 1000 | Term Loan | 1/31/2030 | S+400 |
| Chemours Co. LLC | 415 | Term Loan | 7/31/2028 | L+400 |
| Chemours Co. LLC | 1070 | Term Loan | 7/31/2028 | S+350 |
| Barnes Group Inc. | 650 | Term Loan | 7/31/2030 | S+300 |
| Applovin Corp. | 1500 | Term Loan | 8/15/2030 | S+310 |
| AZZ Inc | 1030 | Term Loan | 5/13/2029 | S+375 |
| J & J Ventures Gaming LLC | 350 | Delayed-draw Term Loan | 4/26/2028 | S+425 |
| Four Seasons Hotels Inc. | 846 | Term Loan | 11/30/2029 | S+260 |
| H.B. Fuller Co. | 798 | Term Loan | 2/1/2030 | S+225 |
| Tronox Finance LLC | 350 | Term Loan | 8/7/2028 | S+350 |
| Greystar Real Estate Partners LLC | 450 | Term Loan | 8/1/2030 | S+375 |
| Generation Bridge LLC | 865 | Term Loan | 7/24/2029 | S+425 |
| Avient Corp | 732 | Term Loan | 8/29/2029 | S+250 |
| VT Topco Inc. | 940 | Term Loan | 7/25/2030 | S+425 |
| SonicWALL Inc. | 650 | Term Loan | 5/1/2028 | S+500 |
| Learning Care Group Inc. | 900 | Term Loan | 7/31/2028 | S+475 |
| Curium | 325 | Term Loan | 7/1/2029 | L+450 |
| Curium | 1070 | Term Loan | 7/1/2029 | S+450 |
| Crocs Inc. | 1180 | Term Loan | 2/19/2029 | S+300 |
| Axalta Coating Systems US Holdings Inc. | 1845 | Term Loan | 12/20/2029 | S+250 |
| EG America LLC | 963 | Term Loan | 2/7/2028 | L+550 |
| Software AG | 640 | Term Loan | 7/18/2030 | L+475 |
| Software AG | 405 | Term Loan | 7/18/2030 | S+475 |
| Advisor Group | 1448 | Term Loan | 8/1/2028 | S+450 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 8/1/23 – 8/31/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.05% | 101.56 | 101.52 | 11 |
| 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 | HUB INTL LTD TL B5 | -0.04% | 100.35 | 100.39 | 15 |
| 6 | 4,750 | ZAYO TL | 5.22% | 80.02 | 76.05 | 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 | 11 |
| 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 8/1/23 – 8/31/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | TELESAT TL B5 | 17.08% | 71.52 | 61.08 | 7 |
| 2 | TEAM HEALTH EXT TL B | 16.69% | 79.75 | 68.35 | 8 |
| 3 | AIR MEDICAL TL B | 14.58% | 70.14 | 61.21 | 10 |
| 4 | GREENWAY MEDICAL TL | 10.12% | 84.50 | 76.74 | 6 |
| 5 | MISYS 2ND LIEN TL | 9.84% | 99.88 | 90.94 | 13 |
| 6 | NATIONAL MENTOR TL B | 9.23% | 86.74 | 79.41 | 7 |
| 7 | SECURUS TL | 9.20% | 87.21 | 79.87 | 7 |
| 8 | AT&T COLOCATION TL | 9.12% | 81.82 | 74.98 | 9 |
| 9 | EQUINOX HLDGS INC 2ND LIEN TL | 7.91% | 86.20 | 79.88 | 8 |
| 10 | S&S HOLDINGS TL | 7.68% | 94.74 | 87.98 | 7 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 8/1/23 – 8/31/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CANO HEALTH TL B | -25.62% | 62.72 | 84.33 | 10 |
| 2 | AIR METHODS TL | -18.43% | 27.90 | 34.21 | 7 |
| 3 | CBS RADIO INC TL B | -17.85% | 44.00 | 53.56 | 8 |
| 4 | SCIONHEALTH TL B | -15.23% | 32.65 | 38.51 | 3 |
| 5 | LERETA TL B | -12.57% | 80.00 | 91.50 | 3 |
| 6 | MOLD-RITE 2ND LIEN TL | -11.77% | 51.11 | 57.92 | 5 |
| 7 | OLAPLEX TL B | -11.50% | 82.93 | 93.71 | 8 |
| 8 | LEARFIELD TL B | -11.25% | 69.00 | 77.74 | 9 |
| 9 | SLV GROUP GMBH EUR TL B | -7.74% | 82.38 | 89.30 | 11 |
| 10 | SINCLAIR BROADCAST GROUP INC. TL B3 | -5.06% | 75.07 | 79.07 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/1/23 – 8/31/23 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 8/1/23 – 8/31/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 7/31/23 vs. the month ending 8/31/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CINEWORLD EXIT TL | 48 | 272 | 224 | 467% |
| 2 | THERMA HOLDINGS TL B | 10 | 200 | 190 | 1900% |
| 3 | HELIX GENERATION TL B | 190 | 374 | 184 | 97% |
| 4 | WORLD KITCHEN TL | 28 | 170 | 142 | 507% |
| 5 | CYANCO TL B | 128 | 254 | 126 | 98% |
| 6 | ACCOLADE WINES GBP TL B | 97 | 221 | 124 | 128% |
| 7 | API TECHNOLOGIES TL | 21 | 141 | 120 | 571% |
| 8 | TALLGRASS TL B | 354 | 472 | 118 | 33% |
| 9 | COADVANTAGE TL B | 4 | 120 | 116 | 2900% |
| 10 | XPO LOGISTICS TL B | 205 | 311 | 106 | 52% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/1/23 – 8/31/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 21 |
| 2 | ZIGGO EUR TL H | 18 |
| 3 | TELENET EUR TL | 17 |
| 4 | UPC HOLDING BV EUR TL | 17 |
| 5 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
| 6 | T-MOBILE NETHERLANDS EUR TL B | 16 |
| 7 | NTL CABLE PLC GBP TL M | 16 |
| 8 | KETER GROUP EUR TL B1 | 16 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 10 | SECTOR ALARM HOLDING EUR TL B1 | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/1/23 – 8/31/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/1/23 – 8/31/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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