Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
September 2023

Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.

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Loans issued during the month ending 9/30/23

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Apergy 620 Term Loan 6/7/2029 S+275
Clue Opco LLC 400 Revolving Credit 9/7/2028 N/A
Clue Opco LLC 1125 Term Loan 9/7/2030 S+450
Viasat Inc. 617 Term Loan 5/30/2030 S+450
Nord Anglia Education Finance LLC 906 Term Loan 1/1/2028 S+400
Chart Industries Inc. 1781 Term Loan 3/17/2030 S+325
WorldPay 5200 Term Loan 9/12/2030 S+300
Syneos Health, Inc. 2700 Term Loan 9/6/2030 S+400
GIP Pilot Acquisition Partners, LP 1100 Term Loan 9/8/2030 S+300
Energy Solutions Inc. 640 Term Loan 9/6/2030 S+400
Tempo Acquisition LLC/FI 2507 Term Loan 8/31/2028 S+275
Iridium Communications Inc. 1500 Term Loan 9/15/2030 S+250
GFL Environmental Inc. 729 Term Loan 5/1/2027 S+250
CPM Acquisition 1215 Term Loan 5/22/2028 S+450
Usis 600 Term Loan 9/11/2030 S+325
Nomad Foods 700 Term Loan 11/10/2029 S+300
Compass Investors Inc. 820 Term Loan 9/11/2030 S+325
Bausch & Lomb Inc. 500 Term Loan 9/11/2028 S+400
Tamko Building Products Inc. 821 Term Loan 9/6/2030 S+350
Restaurant Brands Intl. Inc. 5163 Term Loan 9/1/2030 S+225
Sally Holdings LLC 399 Term Loan 2/28/2030 S+225
US Renal Care Inc. 1249 Term Loan 6/28/2028 S+500
Tecomet Inc. N/A Term Loan 12/23/2026 N/A
International Textile Group 100 Term Loan 9/30/2027 S+850
Accuride Corp. 282 Term Loan 5/18/2026 S+750

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 9/1/23 – 9/30/23

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 8,572 GEO GROUP TL1 0.05% 101.56 101.52 12
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 ZAYO TL 5.22% 80.02 76.05 15
6 4,750 HUB INTL LTD TL B5 -0.04% 100.35 100.39 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 10
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 9/1/23 – 9/30/23

RANK NAME CHANGE PX PX-1M DEALERS
1 EAGLEPICHER 2ND LIEN TL 94.80% 97.40 50.00 4
2 RSA SECURITY LLC TL B 10.02% 85.27 77.50 8
3 QWEST CORPORATION TL B 7.62% 70.79 65.77 13
4 RIVERBED PIK TL 7.61% 64.00 59.47 4
5 MOBILEUM TL B 7.53% 68.26 63.49 6
6 GRANITE ACQUISITION TL B 6.58% 91.68 86.02 12
7 GREENWAY MEDICAL TL 6.49% 89.99 84.50 7
8 EAGLEVIEW TL B 6.32% 94.45 88.84 6
9 LASERSHIP TL 6.30% 92.32 86.85 7
10 TRILLIANT FOOD TL B 6.22% 84.20 79.27 4

Top 10 Underperformers

Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 9/1/23 – 9/30/23

RANK NAME CHANGE PX PX-1M DEALERS
1 AT HOME STORES TL B -26.52% 44.83 61.01 7
2 HDT GLOBAL TL B -18.66% 46.13 56.72 5
3 PACKERS HOLDINGS TL -9.32% 59.27 65.36 12
4 COMPREHENSIVE EYECARE PARTNERS TL -8.10% 71.64 77.95 10
5 HUBBARD RADIO TL B -5.91% 90.23 95.89 5
6 TEAM HEALTH EXT TL B -5.30% 75.52 79.75 10
7 NTHRIVE TL B -4.18% 81.02 84.56 3
8 ANASTASIA BEVERLY HILLS TL B -4.15% 71.11 74.19 10
9 HEARTHSIDE FOODS TL B -3.63% 87.08 90.36 16
10 EW SCRIPPS EXT TL B3 -2.01% 96.89 98.88 7

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/1/23 – 9/30/23

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 9/1/23 – 9/30/23

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 8/31/23 vs. the month ending 9/30/23

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 AVIENT CORP TL B7 61 244 183 300%
2 US FOODS TL B 95 261 166 175%
3 ENSEMBLE HEALTH TL 62 196 134 216%
4 CHEMOURS TL B 46 176 130 283%
5 GO DADDY TL B5 112 241 129 115%
6 CHARTER NEX TL 118 233 115 97%
7 TECTA AMERICA TL B 38 153 115 303%
8 CITRIX TL A 153 265 112 73%
9 SS&C TECH TL B7 210 317 107 51%
10 CROCS TL B 168 274 106 63%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 9/1/23 – 9/30/23

RANK TRANCHE DEALERS
1 ZIGGO EUR TL H 18
2 TELENET EUR TL 18
3 TRANSDIGM INC. TL I 17
4 BMC SOFTWARE TL B 17
5 HILEX POLY TL B 17
6 USS PARENT TL B 17
7 HEARTHSIDE FOODS TL B 16
8 ACCOLADE WINES GBP TL B 16
9 ALKEGEN TL B 16
10 CEVA SANTE ANIMALE EUR TL B 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 9/1/23 – 9/30/23

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 9/1/23 – 9/30/23

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

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