Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 3/25/22

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

New Issues

Loans issued during the week ending 3/25/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Owens & Minor Inc. 600 Term Loan 3/23/2029 S+385
Century Casinos, Inc. 350 Term Loan 3/14/2029 S+600

Forward Calendar

List of upcoming syndicated loan being marketed in the United States as of 3/25/22

ISSUER DEAL INFORMATION BANKS EXPECTED ISSUE DATE
Avis Budget Group Inc. $250MM TLC JPM,BCLY,BofA,BNP,CITI,CA,MS,RBC,SCT,TRS Q1 or Q2 2022
Belfor Holdings Inc. $250MM TL JPM Q1 or Q2 2022
Compass Power Generation LLC $650MM TLB (B+) MS,MUFG,CA,TRS Q1 or Q2 2022
Everstream $759.5MM credit facilities: $40MM RC; $494.5MM TL; $225MM DD TL SG,NTXS,ING,STD,SMBC,CB,MACQ,RBC,TD,VT Q1 or Q2 2022
Help at Home $2.12B credit facilities: $250MM RC, $1.48B TL; $390MM TL BofA,JPM,DB,MACQ,CTB,GS,MIZ Q1 or Q2 2022
Novolex Holdings LLC $2.63B TL (B2/B) CS,MS,GS,BCLY,DB,RBC,WF,BNP,MUFG,HSBC,BMO,MIZ,MACQ Q1 or Q2 2022

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/18/22 – 3/25/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,450 ENVISION HEALTHCARE TL B -3.30% 67.63 69.94 17
2 4,750 ZAYO TL 0.43% 96.53 96.12 16
3 4,700 CAESARS RESORT COLLECTION TL B 0.40% 98.78 98.38 13
4 3,582 MISYS TL B 0.49% 98.24 97.75 13
5 3,524 TRANSDIGM INC. TL F 0.99% 97.69 96.74 14
6 3,515 LIFEPOINT HOSPITALS TL B 0.13% 98.69 98.55 12
7 3,500 AMERICAN AIRLINES TL B 0.22% 100.27 100.05 11
8 3,325 CINEWORLD TL B -0.14% 76.98 77.08 14
9 3,312 HUB INTL LTD TL B 0.49% 98.34 97.86 14
10 3,300 NTL CABLE PLC TL N -0.02% 97.69 97.71 10
11 3,275 SCIENTIFIC GAMES TL B5 0.18% 99.03 98.85 11
12 3,000 WESTINGHOUSE TL B 0.69% 97.73 97.06 14
13 3,000 DELTA SKYMILES TL B 0.33% 102.60 102.27 10
14 2,938 ULTIMATE SOFTWARE TL 0.95% 98.76 97.83 10
15 2,884 BMC SOFTWARE TL B 0.61% 98.64 98.04 16
16 2,825 BRAND ENERGY TL 1.91% 96.03 94.23 13
17 2,811 DUN & BRADSTREET TL 0.19% 98.04 97.85 10
18 2,750 REALPAGE TL B 0.60% 98.30 97.71 11
19 2,750 TEAM HEALTH TL 1.88% 96.87 95.08 12
20 2,670 FRONERI TL B 0.25% 97.34 97.10 10
AVERAGE 3,393 0.36% 95.71 95.31 12.6

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 3/18/22 – 3/25/22

RANK NAME CHANGE PX PX-1W
1 JILL TL B 8.19% 90.21 83.38
2 EASTERN POWER TL B 7.84% 69.96 64.87
3 TRAVELPORT TL B 6.17% 86.97 81.91
4 RSA SECURITY LLC 2ND LIEN TL 5.51% 90.93 86.18
5 STEINHOFF EUROPE PIK 2ND LIEN EUR TL A2 3.74% 84.98 81.91
6 AIR METHODS TL 3.72% 95.13 91.71
7 VERITAS US INC TL B 3.24% 94.21 91.26
8 AUDIO VISUAL TL B 2.73% 93.71 91.21
9 DOUGLAS HOLDING EUR TL B 2.64% 96.62 94.13
10 KOUTI BV EUR TL B 2.45% 97.33 95.00

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/18/22 – 3/25/22

RANK NAME CHANGE PX PX-1W
1 HOLLAND & BARRETT GBP TL B -18.17% 65.46 80.00
2 DIAMOND SPORTS 2ND LIEN TL -6.54% 33.86 36.23
3 JO-ANN STORES TL B -4.40% 86.87 90.87
4 ENVISION HEALTHCARE TL B -3.30% 67.63 69.94
5 ESSENTIAL POWER TL B -1.87% 81.48 83.03
6 ACPRODUCTS TL B -1.80% 90.21 91.86
7 GENESIS CARE TL B -1.69% 87.22 88.72
8 TRAEGER DD TL -1.03% 95.25 96.24
9 CINEWORLD TL B -0.84% 74.95 75.59
10 TRAEGER TL -0.83% 95.31 96.11

Avg Bid PX by Sector

Displays the average loan bid price by sector between 3/18/22 – 3/25/22

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 3/18/22 – 3/25/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 3/18/22 vs. the week ending 3/25/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 AMERICAN AIRLINES TL B 28 67 39 139%
2 HOSTESS BRANDS TL 54 89 35 65%
3 WESTJET TL 38 66 28 74%
4 TRONOX PIGMENTS TL B 36 64 28 78%
5 SHEARERS TL 50 77 27 54%
6 COTY EUR TL B 16 42 26 163%
7 US FOODS TL B 60 86 26 43%
8 PCI GAMING TL B 36 62 26 72%
9 US FOODS TL B 61 86 25 41%
10 MEHILAINEN EUR TL B2 36 60 24 67%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 3/18/22 – 3/25/22

RANK TRANCHE DEALERS
1 LUMILEDS TL B 19
2 ACTION NEDERLAND EUR TL B 18
3 ENVISION HEALTHCARE TL B 18
4 IFCO EUR TL B 18
5 ZIGGO EUR TL H 17
6 BANIJAY GROUP EUR TL B 17
7 TELENET EUR TL 17
8 NTL CABLE PLC EUR TL R 17
9 SYNLAB EUR TL B5 17
10 DOUGLAS HOLDING EUR TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 3/18/22 – 3/25/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 3/18/22 – 3/25/22

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

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