Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
June 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 6/30/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Avaya Inc. | 350 | Term Loan | 12/1/2027 | S+1000 |
| Dave & Buster’s Inc. | 850 | Term Loan | 6/24/2029 | S+500 |
| Creative Artists Agency LLC | 325 | Term Loan | 11/1/2026 | S+425 |
| Safe Fleet Acquisition Corp. | 100 | Term Loan | 2/23/2029 | S+500 |
| Kofax PLC | 1346 | Term Loan | 6/3/2029 | S+535 |
| Intertape Polymer Corp. | 250 | Revolving Credit | 6/15/2027 | N/A |
| Intertape Polymer Corp. | 1500 | Term Loan | 6/1/2028 | S+485 |
| Pointclickcare Technologies Inc. | N/A | Term Loan | 12/29/2027 | S+400 |
| CD&R Artemis Bidco Inc. | N/A | Term Loan | 9/8/2028 | S+600 |
| IP Operating Portfolio I LLC | N/A | Term Loan | 12/31/2029 | N/A |
| Univision Communications Inc. | 500 | Term Loan | 6/24/2029 | S+425 |
| Signature Aviation US Hldg Inc. | 1100 | Term Loan | 6/6/2029 | S+375 |
| Maxar Technologies Inc. | 1500 | Term Loan | 6/1/2029 | S+425 |
| Apex Group Treasury LLC | 465 | Term Loan | 7/27/2028 | L+375 |
| BCP Renaissance LLC | N/A | Term Loan | 10/31/2026 | S+350 |
| Athletico Mgmt LLC | N/A | Term Loan | 2/15/2029 | S+425 |
| Kinetik Hldg LP | 2000 | Term Loan | 6/1/2025 | N/A |
| Bcpe Empire Hldg Inc. | 650 | Term Loan | 6/11/2026 | S+472.5 |
| Standard Motor Products Inc. | 400 | Revolving Credit | 6/1/2027 | N/A |
| Standard Motor Products Inc. | 100 | Term Loan | 6/1/2027 | N/A |
| Nextera Energy Inc. | 2500 | Revolving Credit | 2/8/2027 | S+160 |
| Midwest Veterinary Partners LLC | 340 | Term Loan | 4/30/2029 | L+400 |
| Kinetik Hldg LP | 1250 | Revolving Credit | 6/1/2027 | N/A |
| Generation Bridge LLC | 40 | Term Loan | 2/24/2029 | L+500 |
| Epic School Staffing Holdco | 155 | Term Loan | 2/5/2027 | S+625 |
| Darling Ingredients Inc. | N/A | Delayed-draw Term Loan | 12/9/2026 | N/A |
| CDK Global Inc. | 650 | Revolving Credit | 6/1/2027 | N/A |
| CDK Global Inc. | 3350 | Term Loan | 6/1/2029 | N/A |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 6/1/22 – 6/30/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -11.47% | 34.67 | 39.16 | 16 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -4.21% | 93.08 | 97.17 | 10 |
| 3 | 4,750 | ZAYO TL | -3.96% | 89.49 | 93.18 | 11 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | -1.94% | 96.10 | 98.00 | 13 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | -2.31% | 93.89 | 96.11 | 10 |
| 6 | 3,900 | DIRECTV TL | -4.48% | 92.04 | 96.36 | 14 |
| 7 | 3,600 | CDK GLOBAL TL | #VALUE! | 94.38 | NULL | 13 |
| 8 | 3,582 | MISYS TL B | -4.68% | 89.85 | 94.26 | 11 |
| 9 | 3,524 | TRANSDIGM INC. TL F | -2.63% | 94.75 | 97.31 | 11 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -3.33% | 93.02 | 96.23 | 12 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | -4.02% | 91.87 | 95.71 | 12 |
| 12 | 3,400 | REFRESCO HOLDING EUR TL B | -5.81% | 91.22 | 96.85 | 11 |
| 13 | 3,380 | SOLERA TL B | -3.55% | 92.16 | 95.55 | 13 |
| 14 | 3,325 | CINEWORLD TL B | -10.29% | 63.28 | 70.54 | 14 |
| 15 | 3,312 | HUB INTL LTD TL B | -1.90% | 94.40 | 96.23 | 12 |
| 16 | 3,300 | NTL CABLE PLC TL N | -4.11% | 93.45 | 97.45 | 11 |
| 17 | 3,000 | WESTINGHOUSE TL B | -1.34% | 94.31 | 95.60 | 12 |
| 18 | 2,985 | HARBOR FREIGHT TL B | -4.59% | 88.14 | 92.37 | 14 |
| 19 | 2,884 | BMC SOFTWARE TL B | -3.02% | 92.98 | 95.88 | 15 |
| 20 | 2,825 | BRAND ENERGY TL | -1.81% | 86.34 | 87.93 | 17 |
| AVERAGE | 3,717 | #VALUE! | 87.97 | 91.15 | 12.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 6/1/22 -6/30/22
| RANK | NAME | CHANGE | PX | PX-1M |
| 1 | EASTERN POWER TL B | 19.76% | 84.57 | 70.61 |
| 2 | RODAN & FIELDS TL B | 5.79% | 54.88 | 51.87 |
| 3 | EPIC Y-GRADE SERVICES TL B | 3.49% | 89.00 | 86.00 |
| 4 | LEB HOLDINGS USA INC TL | 2.98% | 97.85 | 95.02 |
| 5 | INFOGROUP TL | 2.47% | 94.76 | 92.48 |
| 6 | LUCID ENERGY TL B | 2.15% | 98.58 | 96.51 |
| 7 | DIEBOLD EUR TL B | 2.12% | 83.01 | 81.28 |
| 8 | TALEN ENERGY SUPPLY LLC TL B | 1.58% | 95.09 | 93.61 |
| 9 | LAMAR MEDIA TL B | 0.98% | 96.11 | 95.18 |
| 10 | CPI INTERNATIONAL TL | 0.88% | 98.83 | 97.97 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 6/1/22 -6/30/22
| RANK | NAME | CHANGE | PX | PX-1M |
| 1 | SERTA SIMMONS TL | -21.23% | 26.77 | 33.99 |
| 2 | SAVE A LOT TL B | -17.53% | 65.15 | 79.00 |
| 3 | MITEL NETWORKS TL | -17.02% | 69.03 | 83.19 |
| 4 | GENESIS CARE EUR TL B | -15.94% | 67.08 | 79.80 |
| 5 | ENVISION HEALTHCARE PIK TL B | -15.21% | 34.01 | 40.11 |
| 6 | US RENAL CARE TL B | -15.04% | 67.61 | 79.58 |
| 7 | SIGMA BIDCO GBP TL B4 | -14.63% | 72.62 | 85.06 |
| 8 | WESSANEN EUR TL | -12.97% | 80.13 | 92.06 |
| 9 | INTERNATIONAL TEXTILE GROUP 2ND LIEN TL | -12.49% | 60.91 | 69.60 |
| 10 | EURO ETHNIC FOODS EUR TL B | -12.40% | 80.79 | 92.22 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/1/22 -6/30/22
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 6/1/22 -6/30/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 5/31/22 vs. the month ending 6/30/22
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
| 1 | REVLON 2ND LIEN TL B2 | 103 | 221 | 118 | 115% |
| 2 | MAGENTA BUYER LLC TL B | 165 | 270 | 105 | 64% |
| 3 | ELO TOUCH TL B | 6 | 110 | 104 | 1733% |
| 4 | PETSMART TL B | 106 | 204 | 98 | 92% |
| 5 | FLOW CONTROL TL B | 7 | 96 | 89 | 1271% |
| 6 | BEAVST EUR TL B | 17 | 92 | 75 | 441% |
| 7 | VERTICAL MIDCO GMBH TL B | 221 | 294 | 73 | 33% |
| 8 | OLDCASTLE TL B | 143 | 214 | 71 | 50% |
| 9 | TRANSACT TL | 66 | 134 | 68 | 103% |
| 10 | ASTORIA ENERGY TL B | 192 | 258 | 66 | 34% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/1/22 -6/30/22
| RANK | TRANCHE | DEALERS |
| 1 | LUMILEDS TL B | 20 |
| 2 | EIRCOM FINCO SARL EUR TL B | 18 |
| 3 | STADA ARZNEIMITTEL EUR TL F | 18 |
| 4 | ZIGGO EUR TL H | 18 |
| 5 | IFCO EUR TL B | 18 |
| 6 | ACTION NEDERLAND EUR TL B | 17 |
| 7 | NUMERICABLE EUR TL B11 | 17 |
| 8 | TELENET EUR TL | 17 |
| 9 | KLOECKNER EUR TL B | 17 |
| 10 | CASINO GUICHARD EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/1/22 -6/30/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 6/1/22 -6/30/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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