Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
March 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 3/31/23
ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
Impala Bidco 0 Limited | N/A | Term Loan | 6/9/2028 | N/A |
Orbiter Group Sarl | 205 | Term Loan | 10/25/2028 | S+475 |
LSF10 Wolverine Investments | 450 | Term Loan | 5/4/2028 | SN+500 |
Diebold Inc. | N/A | Term Loan | 6/25/2025 | N/A |
RelaDyne Inc. | 350 | Term Loan | 12/2/2028 | S+500 |
Hyperion Insurance Group LTD | 500 | Term Loan | 3/24/2030 | S+400 |
Momentive Performance Materials Inc. | 850 | Term Loan | 3/13/2028 | S+450 |
Krispy Kreme Doughnuts Inc. | 300 | Revolving Credit | 3/23/2028 | S+225 |
Krispy Kreme Doughnuts Inc. | 700 | Term Loan | 3/23/2028 | N/A |
Albea Beauty Holdings SA | 566 | Term Loan | 12/21/2027 | E+500 |
Nielsen Finance LLC | 500 | Term Loan | 3/5/2028 | SN+650 |
Tibco Software Inc. | 250 | Term Loan | 3/30/2029 | SN+450 |
Restaurant Brands Intl. Inc. | 310 | Term Loan | 10/19/2028 | S+525 |
Yak Mat | 419 | Term Loan | 3/10/2028 | S+640 |
MFG / MRH | 11500 | Term Loan | 6/21/2028 | SN+475 |
MFG / MRH | 600 | Term Loan | 6/21/2028 | SN+600 |
Renaissance Learning Inc. | 1575 | Term Loan | 3/8/2030 | S+475 |
WM Morrison Supermarkets PLC | 568 | Term Loan | 11/4/2027 | N/A |
Safety-Kleen Systems Inc. | 106 | Term Loan | 1/13/2027 | S+575 |
Safety-Kleen Systems Inc. | 490 | Term Loan | 11/1/2028 | L+500 |
Catalina Marketing Corp. | 10 | Term Loan | 12/31/2022 | S+1200 |
Imagina Media Audiovisual SL | 500 | Term Loan | 7/27/2027 | SN+750 |
Celsa Group | 750 | Term Loan | 10/31/2022 | E+325 |
Numericable US LLC | 1145 | Term Loan | 8/25/2028 | E+550 |
Numericable US LLC | 4260 | Term Loan | 8/30/2030 | N/A |
Hurtigruten Group AS | 200 | Term Loan | 2/3/2028 | N/A |
Koppers Holdings Inc. | 400 | Term Loan | 2/28/2030 | S+400 |
Archroma Global Services | 455 | Term Loan | 6/1/2027 | L+550 |
Archroma Global Services | 350 | Term Loan | 6/1/2027 | S+550 |
Topgolf Intl Inc. | 1250 | Term Loan | 3/6/2030 | S+360 |
RR Donnelley & Sons Co. | 1250 | Term Loan | 3/8/2028 | S+725 |
Cetera Financial Group Inc. | 750 | Term Loan | 2/23/2030 | S+450 |
Wrench Group LLC | 150 | Term Loan | 4/1/2026 | S+450 |
INEOS Styrolution Group GmbH | 400 | Term Loan | 3/3/2030 | S+400 |
Topgolf Intl Inc. | 525 | Revolving Credit | 3/16/2028 | N/A |
Tempo Acquisition LLC/FI | 65 | Term Loan | 8/31/2028 | S+300 |
Nouryon | 750 | Term Loan | 2/29/2028 | S+400 |
INEOS Styrolution Group GmbH | 375 | Term Loan | 3/2/2030 | L+400 |
Virgin Media Investment Holdings LTD | 750 | Term Loan | 2/28/2031 | S+325 |
US Silica Co. | 950 | Term Loan | 3/23/2030 | S+475 |
Starfruit US Star Fi BV | 750 | Term Loan | 3/3/2028 | S+750 |
Uber Technologies Inc. | 1430 | Term Loan | 3/3/2030 | S+325 |
Cirque Du Soleil | 100 | Revolving Credit | 3/8/2028 | N/A |
ABG Intermediate Holdings 2 LLC | 500 | Delayed-draw Term Loan | 12/21/2028 | S+400 |
ABG Intermediate Holdings 2 LLC | 1525 | Term Loan | 12/21/2028 | S+400 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 3/1/23 – 3/31/23
RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
1 | 8,572 | GEO GROUP TL1 | 0.32% | 100.89 | 100.56 | 11 |
2 | 5,000 | UNITED CONTINENTAL TL B | -0.59% | 99.26 | 99.85 | 12 |
3 | 4,750 | ZAYO TL | -2.99% | 80.76 | 83.24 | 16 |
4 | 4,559 | TRANSDIGM INC. TL I | 0.03% | 99.65 | 99.62 | 12 |
5 | 4,463 | ULTIMATE SOFTWARE TL B | -0.53% | 97.36 | 97.88 | 11 |
6 | 3,900 | DIRECTV TL | -1.14% | 96.05 | 97.16 | 11 |
7 | 3,600 | CDK GLOBAL TL | -0.06% | 99.58 | 99.64 | 12 |
8 | 3,582 | MISYS TL B | -0.69% | 93.50 | 94.15 | 14 |
9 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.38% | 95.20 | 95.57 | 10 |
10 | 3,500 | AMERICAN AIRLINES TL B | -1.08% | 101.38 | 102.49 | 12 |
11 | 3,500 | PILOT TRAVEL TL B | 0.52% | 99.65 | 99.13 | 10 |
12 | 3,450 | GOLDEN NUGGET INC TL B | 1.49% | 98.35 | 96.91 | 11 |
13 | 3,420 | RCN GRANDE TL | -1.56% | 81.57 | 82.86 | 12 |
14 | 3,380 | SOLERA TL B | -2.02% | 90.89 | 92.77 | 16 |
15 | 3,325 | CINEWORLD TL B | -9.52% | 14.92 | 16.49 | 12 |
16 | 3,312 | HUB INTL LTD TL B | -0.06% | 99.61 | 99.67 | 12 |
17 | 3,300 | NTL CABLE PLC TL N | 0.35% | 98.34 | 97.99 | 11 |
18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -46.54% | 6.02 | 11.25 | 11 |
19 | 3,100 | TRANSUNION TL B6 | -0.13% | 99.25 | 99.38 | 13 |
20 | 3,100 | HUNTER DOUGLAS TL B | -2.05% | 89.80 | 91.68 | 11 |
AVERAGE | 3,927 | -3.33% | 87.10 | 87.91 | 12.0 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 3/1/23 – 3/31/23
RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
1 | AMC ENTERTAINMENT TL B1 | 16.16% | 72.64 | 62.53 | 14 |
2 | ACCELERATED HEALTH SYSTEMS LLC TL B | 11.98% | 72.87 | 65.07 | 9 |
3 | LIMETREE BAY TL B | 8.27% | 79.82 | 73.73 | 7 |
4 | ADVANTAGE SALES TL B | 4.96% | 85.64 | 81.60 | 10 |
5 | WEBHELP GBP TL B | 4.42% | 98.50 | 94.33 | 9 |
6 | IMPERVA TL | 4.12% | 87.09 | 83.65 | 8 |
7 | LOGMEIN TL B | 3.61% | 56.79 | 54.81 | 12 |
8 | JOURNEY PERSONAL CARE TL | 3.48% | 77.19 | 74.59 | 7 |
9 | CAMPING WORLD TL B | 3.22% | 91.97 | 89.10 | 9 |
10 | P.F. CHANG’S TL | 2.99% | 89.82 | 87.21 | 8 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 3/1/23 – 3/31/23
RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
1 | LUCKY BUCKS TL B | -39.94% | 29.80 | 49.62 | 10 |
2 | ROBERTSHAW 2ND LIEN TL | -24.22% | 23.92 | 31.57 | 7 |
3 | CONVERGEONE 2ND LIEN TL | -22.94% | 35.00 | 45.42 | 7 |
4 | QWEST CORPORATION TL B | -19.96% | 65.94 | 82.37 | 8 |
5 | CITY BREWING TL B | -13.76% | 40.00 | 46.38 | 10 |
6 | CASINO GUICHARD EUR TL B | -12.40% | 74.92 | 85.53 | 15 |
7 | PURE FISHING TL B | -11.47% | 61.13 | 69.05 | 12 |
8 | CONSOLIDATED COMMUNICATIONS TL B | -11.36% | 79.04 | 89.17 | 9 |
9 | PRETIUM PACKAGING 2ND LIEN TL | -10.44% | 62.94 | 70.28 | 5 |
10 | SHUTTERFLY TL B | -8.64% | 48.73 | 53.34 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/1/23 – 3/31/23
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 3/1/23 – 3/31/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 2/28/23 vs. the month ending 3/31/23
RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
1 | EPICOR SOFTWARE TL | 303 | 441 | 138 | 46% |
2 | DIVERSEY TL | 194 | 331 | 137 | 71% |
3 | MAUSER TL B | 80 | 217 | 137 | 171% |
4 | HEARTHSIDE FOODS TL B | 243 | 378 | 135 | 56% |
5 | BJ’S TL B | 40 | 170 | 130 | 325% |
6 | US FOODS TL B | 268 | 396 | 128 | 48% |
7 | WHATABURGER TL B | 221 | 345 | 124 | 56% |
8 | ENSEMBLE HEALTH TL | 132 | 252 | 120 | 91% |
9 | CREATIVE ARTISTS TL B | 28 | 143 | 115 | 411% |
10 | ZAYO TL | 187 | 300 | 113 | 60% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/1/23 – 3/31/23
RANK | TRANCHE | DEALERS |
1 | DAE AVIATION TL | 17 |
2 | STAPLES TL B1 | 16 |
3 | ZAYO TL | 16 |
4 | AMERICAN BATH TL | 16 |
5 | BRAND ENERGY TL | 16 |
6 | SOLERA TL B | 16 |
7 | HEARTHSIDE FOODS TL B | 15 |
8 | KETER GROUP EUR TL B | 15 |
9 | MISYS 2ND LIEN TL | 15 |
10 | FRONERI TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/1/23 – 3/31/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/1/23 – 3/31/23
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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