Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
June 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 6/30/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Oberthur Technologies Holding SAS | 700 | Term Loan | 9/30/2028 | S+475 |
| Helix Generation LLC | 700 | Term Loan | 12/31/2027 | S+475 |
| Dave & Buster’s Inc. | 900 | Term Loan | 6/1/2029 | S+375 |
| Cyanco Intermediate Corp | 420 | Term Loan | 7/7/2028 | S+500 |
| Oberthur Technologies Holding SAS | 1500 | Term Loan | 9/22/2028 | E+475 |
| Ineos Hldgs LTD | 650 | Term Loan | 6/12/2030 | L+400 |
| Ineos Hldgs LTD | 550 | Term Loan | 6/12/2030 | S+375 |
| Heritage Grocers | 460 | Term Loan | 8/1/2029 | S+675 |
| Univar Inc. | 870 | Term Loan | 6/7/2030 | L+450 |
| Univar Inc. | 2400 | Term Loan | 6/7/2030 | S+450 |
| TEN-X LLC | 426 | Term Loan | 5/26/2028 | S+600 |
| Hostess Brands Inc. | 985 | Term Loan | 6/12/2030 | S+250 |
| HotelBeds | 760 | Term Loan | N/A | E+500 |
| Axilone | 235 | Term Loan | 1/8/2028 | E+475 |
| Burgan Bank SAKP | 800 | Term Loan | 4/26/2026 | N/A |
| DaVita Inc. | 1250 | Delayed-draw Term Loan | 4/28/2028 | S+200 |
| Affidea BV | 170 | Term Loan | 7/13/2029 | S+500 |
| Sisaho International | 200 | Term Loan | 11/16/2028 | S+350 |
| RxBenefits Inc | 150 | Term Loan | 12/18/2027 | S+525 |
| BCP V Modular Services Finance PLC | 150 | Term Loan | 12/15/2028 | S+450 |
| ARAMARK Corp. | 1100 | Term Loan | 6/6/2030 | S+250 |
| AL NGPL Holdings LLC | 235 | Term Loan | 4/15/2028 | S+375 |
| Merlin Entertainments PLC | 900 | Term Loan | 11/12/2029 | E+425 |
| Fortrea | 570 | Term Loan | 5/31/2030 | S+375 |
| Covanta Holding Corp. | 30 | Term Loan | 11/30/2028 | S+325 |
| Covanta Holding Corp. | 400 | Term Loan | 11/30/2028 | S+325 |
| CH Guenther & Son Inc. | 250 | Term Loan | 12/8/2028 | E+450 |
| HUB Intl. LTD | 4750 | Term Loan | 6/5/2030 | S+425 |
| Covanta Holding Corp. | 400 | Term Loan | 11/30/2028 | S+300 |
| Avolon Aircraft | 1681 | Term Loan | 6/1/2028 | S+250 |
| Cognita Financing PLC | 1030 | Term Loan | 4/24/2029 | E+475 |
| Samsonite Intl. SA | 600 | Term Loan | 6/9/2030 | S+275 |
| Inmar Inc. | 950 | Term Loan | 5/1/2026 | S+525 |
| Help At Home Inc. | 130 | Delayed-draw Term Loan | 10/29/2027 | S+500 |
| Cryolife Inc. | 213 | Term Loan | 12/1/2024 | L+325 |
| AI Mistral Luxembourg Subco Sarl | 515 | Term Loan | 3/9/2024 | L+300 |
| Turkiye Garanti Bankasi AS | 218 | Term Loan | 6/2/2024 | E+400 |
| Emerald Expositions Holding Inc. | 415 | Term Loan | 5/22/2026 | S+500 |
| Yapi Kredi | 353 | Term Loan | 6/2/2024 | E+400 |
| Sotheby’s Inc. | 100 | Term Loan | 1/15/2027 | S+450 |
| Moneygram Intl. Inc. | 400 | Term Loan | 6/1/2030 | S+550 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 6/1/23 – 6/30/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
| 1 | 8,572 | GEO GROUP TL1 | 0.26% | 101.48 | 101.22 | 12 |
| 2 | 5,160 | INTEL TL | 1.85% | 95.48 | 93.74 | 11 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.49% | 99.87 | 99.38 | 13 |
| 4 | 4,750 | ZAYO TL | 0.95% | 78.49 | 77.75 | 16 |
| 5 | 4,750 | HUB INTL LTD TL B5 | #VALUE! | 100.15 | NULL | 15 |
| 6 | 4,559 | TRANSDIGM INC. TL I | 0.69% | 99.89 | 99.20 | 16 |
| 7 | 3,900 | DIRECTV TL | 3.16% | 97.62 | 94.63 | 15 |
| 8 | 3,600 | CDK GLOBAL TL | 1.28% | 99.71 | 98.45 | 12 |
| 9 | 3,582 | MISYS TL B | 1.08% | 95.95 | 94.93 | 13 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | 5.56% | 92.59 | 87.72 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | 1.85% | 102.14 | 100.29 | 12 |
| 12 | 3,500 | SEDGWICK TL B | 2.23% | 99.30 | 97.13 | 10 |
| 13 | 3,500 | PILOT TRAVEL TL B | 0.74% | 99.80 | 99.06 | 10 |
| 14 | 3,450 | GOLDEN NUGGET INC TL B | 2.72% | 98.79 | 96.17 | 12 |
| 15 | 3,420 | RCN GRANDE TL | 0.97% | 83.47 | 82.67 | 11 |
| 16 | 3,380 | SOLERA TL B | 2.55% | 91.67 | 89.40 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | 3.41% | 99.13 | 95.86 | 12 |
| 18 | 3,190 | INTELSAT EXIT TL B | 1.19% | 99.47 | 98.30 | 13 |
| 19 | 3,100 | HUNTER DOUGLAS TL B | 3.29% | 94.61 | 91.60 | 11 |
| 20 | 3,100 | ASURION TL B8 | 4.11% | 96.14 | 92.34 | 10 |
| AVERAGE | 4,041 | #VALUE! | 96.29 | 94.20 | 12.3 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 6/1/23 – 6/30/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
| 1 | PACKERS HOLDINGS TL | 57.95% | 69.18 | 43.80 | 14 |
| 2 | CITY BREWING TL B | 53.43% | 61.69 | 40.21 | 9 |
| 3 | RACKSPACE HOSTING TL B | 16.30% | 45.23 | 38.89 | 14 |
| 4 | TOSCA SERVICES TL | 13.69% | 80.72 | 71.00 | 11 |
| 5 | APEX TOOLS 2ND LIEN TL | 11.76% | 91.00 | 81.42 | 5 |
| 6 | IHEART TL B | 11.10% | 86.53 | 77.88 | 10 |
| 7 | CORRECT CARE TL B | 9.21% | 73.97 | 67.73 | 9 |
| 8 | HEARTHSIDE FOODS TL B | 8.83% | 87.74 | 80.62 | 17 |
| 9 | AMNEAL PHARMACEUTIAL TL B | 8.56% | 96.08 | 88.50 | 8 |
| 10 | ACCELERATED HEALTH SYSTEMS LLC TL B | 8.37% | 80.74 | 74.50 | 7 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 6/1/23 – 6/30/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
| 1 | AIR METHODS TL | -25.03% | 35.02 | 46.71 | 9 |
| 2 | AIR MEDICAL TL B | -19.05% | 56.06 | 69.25 | 11 |
| 3 | US RENAL CARE TL B | -16.37% | 45.96 | 54.95 | 11 |
| 4 | COMPREHENSIVE EYECARE PARTNERS DD 2ND LIEN TL | -10.12% | 65.81 | 73.22 | 7 |
| 5 | DELL SOFTWARE GROUP TL B | -8.79% | 77.25 | 84.69 | 13 |
| 6 | CUMULUS MEDIA TL | -6.04% | 73.93 | 78.68 | 9 |
| 7 | STRATEGIC MATERIALS TL | -6.03% | 70.28 | 74.79 | 7 |
| 8 | PRETIUM PACKAGING TL B | -4.83% | 74.40 | 78.18 | 11 |
| 9 | HERENS HOLDCO SARL EUR TL B | -4.26% | 83.10 | 86.80 | 11 |
| 10 | DEDALUS EUR TL B | -3.89% | 86.53 | 90.03 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/1/23 – 6/30/23
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 6/1/23 – 6/30/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 5/31/23 vs. the month ending 6/30/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
| 1 | OPEN TEXT CORP TL B | 38 | 206 | 168 | 442% |
| 2 | SOLENIS TL B | 30 | 190 | 160 | 533% |
| 3 | FILTRATION GROUP TL B | 44 | 177 | 133 | 302% |
| 4 | TALEN ENERGY SUPPLY LLC TL B | 50 | 150 | 100 | 200% |
| 5 | CAESARS ENTERTAINMENT TL B | 204 | 296 | 92 | 45% |
| 6 | AMWINS EXT TL B | 125 | 214 | 89 | 71% |
| 7 | PRESS GANEY TL | 2 | 88 | 86 | 4300% |
| 8 | INSPIRE BRANDS TL B | 278 | 356 | 78 | 28% |
| 9 | CRICKET VALLEY TL | 2 | 78 | 76 | 3800% |
| 10 | THE NIELSEN COMPANY B.V. TL B | 50 | 124 | 74 | 148% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/1/23 – 6/30/23
| RANK | TRANCHE | DEALERS |
| 1 | HEARTHSIDE FOODS TL B | 17 |
| 2 | ZIGGO EUR TL H | 17 |
| 3 | T-MOBILE NETHERLANDS EUR TL B | 16 |
| 4 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
| 5 | HILEX POLY TL B | 16 |
| 6 | SIGMA BIDCO GBP TL B4 | 16 |
| 7 | TRANSDIGM INC. TL I | 16 |
| 8 | GRIFOLS WORLDWIDE EUR TL B | 16 |
| 9 | NTL CABLE PLC EUR TL R | 16 |
| 10 | VERISURE EUR TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/1/23 – 6/30/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 6/1/23 – 6/30/23
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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