Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
December 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 12/31/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Dupage Medical Group 238 Term Loan 10/13/2023 L+200
Pro Mach Group Inc. 100 Term Loan 8/31/2028 S+500
Walker & Dunlop Inc. 200 Term Loan 10/31/2025 S+300
CSC Holdings LLC 2008 Term Loan 1/1/2028 S+450
Walker & Dunlop Inc. 200 Term Loan 12/17/2029
First Brands Corp. 425 Term Loan 3/20/2027 S+500
Wyndham Worldwide Corp. 300 Term Loan 12/9/2029 S+410
Mariner LLC 100 Term Loan 8/18/2028 S+450
Hayward Ind Inc 125 Term Loan 5/28/2028 S+325
Dealer Tire LLC 1430 Term Loan 12/6/2027 S+450
BJ’s Wholesale Club Inc. 450 Term Loan 2/1/2027 S+275
BRP INC 500 Term Loan 12/5/2029 S+350
Axalta Coating Systems US Holdings Inc. 2000 Term Loan 11/29/2029 S+300
Apex Group Limited 400 Term Loan 7/2/2028 S+500
Sonoco Products Co. 400 Term Loan 12/1/2023 S+147.5
Parques Reunidos 225 Term Loan 9/16/2026 S+525
Guggenheim Partners Investment Mgmt Hldgs LLC 785 Term Loan 11/30/2029 S+325
American Axle & Manufacturing Inc. 675 Term Loan 12/2/2029 S+360
Summit Materials LLC 510 Term Loan 12/9/2027 s+300
Altice Intl. SARL 1600 Term Loan 10/1/2027 S+500
TransDigm Group Inc. 1725 Term Loan 2/1/2027 S+350
GVC Holdings PLC 800 Term Loan 6/1/2028 L+375
GVC Holdings PLC 375 Term Loan 10/1/2029 S+360
Dynatrace LLC 400 Revolving Credit 12/2/2027 N/A
Sebia SA 900 Term Loan 12/1/2027 L+475
Sebia SA 250 Term Loan 12/1/2027 S+475
Electro Rent Corp. 520 Term Loan 11/1/2024 S+560

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 12/1/22 – 12/31/22

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 7,270 MEDLINE TL B 3.39% 94.89 91.78 10
2 5,000 UNITED CONTINENTAL TL B 1.15% 98.53 97.41 13
3 4,750 ZAYO TL -6.35% 75.44 80.56 12
4 4,700 CAESARS RESORT COLLECTION TL B 0.57% 99.33 98.77 14
5 3,900 DIRECTV TL 0.88% 95.71 94.88 12
6 3,600 CDK GLOBAL TL 0.96% 98.74 97.80 13
7 3,582 MISYS TL B 0.09% 90.31 90.23 14
8 3,524 TRANSDIGM INC. TL F 0.87% 98.41 97.56 14
9 3,515 LIFEPOINT HOSPITALS TL B 5.20% 92.74 88.15 10
10 3,500 AMERICAN AIRLINES TL B 0.41% 99.26 98.85 10
11 3,500 PILOT TRAVEL TL B 1.12% 98.44 97.35 10
12 3,450 GOLDEN NUGGET INC TL B 1.78% 95.28 93.62 10
13 3,400 REFRESCO HOLDING EUR TL B 2.04% 96.36 94.44 12
14 3,380 SOLERA TL B 0.09% 91.31 91.23 15
15 3,325 CINEWORLD TL B -31.07% 21.28 30.88 14
16 3,312 HUB INTL LTD TL B 0.18% 98.03 97.85 12
17 3,300 NTL CABLE PLC TL N -0.70% 97.26 97.95 11
18 3,222 DIAMOND SPORTS 2ND LIEN TL -16.85% 16.00 19.24 12
19 3,190 INTELSAT EXIT TL B 0.20% 96.29 96.09 11
20 3,100 TRANSUNION TL B6 -0.20% 98.21 98.40 10
AVERAGE 3,826 -1.81% 87.59 87.65 12.0

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 12/1/22 – 12/31/22

RANK NAME CHANGE PX PX-1M DEALERS
1 GULF FINANCE TL B 15.39% 94.44 81.84 11
2 MICHAELS STORES TL 12.37% 85.47 76.06 12
3 CANO HEALTH TL B 12.27% 79.16 70.51 6
4 TEAM HEALTH EXT TL B 6.78% 74.63 69.89 7
5 USS PARENT TL B 5.16% 83.07 79.00 11
6 BAUSCH HEALTH COMPANIES INC. TL B 4.42% 76.80 73.55 13
7 MACDONALD DETTWILER TL B 3.89% 99.91 96.17 8
8 CORELOGIC 2ND LIEN TL 3.88% 70.62 67.98 5
9 AIR METHODS TL 3.82% 55.57 53.53 12
10 STAPLES TL B1 3.52% 92.22 89.08 13

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 12/1/22 – 12/31/22

RANK NAME CHANGE PX PX-1M DEALERS
1 WEST MARINE 2ND LIEN TL B -32.23% 43.69 64.48 6
2 NEP 2ND LIEN TL -16.15% 72.36 86.29 8
3 SECURUS 2ND LIEN TL -15.37% 62.06 73.33 5
4 ICP GROUP TL -15.15% 72.00 84.85 4
5 CISION TL B -12.06% 61.34 69.75 9
6 AIR MEDICAL TL B -11.51% 69.98 79.08 9
7 RESEARCH NOW TL -11.47% 74.46 84.11 9
8 NTHRIVE 2ND LIEN TL -10.99% 75.27 84.57 5
9 ASPECT SOFTWARE TL -10.80% 69.89 78.35 9
10 LASERSHIP TL -8.46% 71.00 77.56 8

Avg Bid PX by Sector

Displays the average loan bid price by sector between 12/1/22 – 12/31/22

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 12/1/22 – 12/31/22

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 11/30/22 vs. the month ending 12/31/22

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 PURE FISHING TL B 118 193 75 64%
2 SIGNATURE AVIATION TL B 38 106 68 179%
3 CITADEL TL B 49 116 67 137%
4 CROCS TL B 180 245 65 36%
5 FLOW CONTROL 2ND LIEN TL 18 82 64 356%
6 IMS HEALTH TL A 8 70 62 775%
7 HEARTHSIDE FOODS TL B2 157 218 61 39%
8 IMPERIAL DADE EXT TL 42 103 61 145%
9 BCP RENAISSANCE TL B 145 205 60 41%
10 DIVERSEY TL 155 212 57 37%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 12/1/22 – 12/31/22

RANK TRANCHE DEALERS
1 CONVERGEONE TL B 16
2 PHILIPS APPLIANCES EUR TL B 16
3 SIGMA BIDCO GBP TL B4 15
4 KETER GROUP EUR TL B 15
5 ACCOLADE WINES GBP TL B 15
6 KLOECKNER EUR TL B 15
7 BMC SOFTWARE TL B 15
8 ACTION NEDERLAND EUR TL B 14
9 SIGMA BIDCO EUR TL B1 14
10 REFRESCO HOLDING EUR TL B 14

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 12/1/22 – 12/31/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 12/1/22 – 12/31/22

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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