Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 3/4/22

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 3/4/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Entegris Inc. 2495 Term Loan 2/15/2029 SOFR+300
Astronics Corp. 225 Revolving Credit 5/30/2023 SOFR+225
Storable 130 Term Loan 4/16/2028 SOFR+350

Forward Calendar

List of upcoming syndicated loan being marketed in the United States as of 3/4/22

ISSUER DEAL INFORMATION BANKS EXPECTED ISSUE DATE
Associated Materials $550MM TLB RBC,CS,UBS,KKR,MACQ,BMO,PNC Q1 2022
Callaway Golf Co. $950MM TLB BofA,JPM,MUFG,TRS Q1 2022
Compass Power Generation LLC $650MM TLB (B+) MS,MUFG,CA,TRS Q1 2022
Hexion Holdings Corp. $1.825B TLs: $1.4 B TL (B2/B); $425MM TL (Caa2/B-) GS,RBC,MS,BofA,DB,BCLY,JEFF Q1 2022
Magnate Worldwide LLC $300MM TLs: $260MM TL; $40MM DD TL CTB Q1 2022
Planet Home Lending LLC $300MM TL M&T Q1 2022
Spruce Power Holdings LLC $600MM TLB (B1/B) KEY Q1 2022

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 2/25/22 – 3/4/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 7,270 MEDLINE TL B -0.28% 98.64 98.93 14
2 5,450 ENVISION HEALTHCARE TL B -0.46% 72.39 72.73 18
3 5,100 CHANGE HEALTHCARE TL B -0.30% 99.17 99.46 10
4 5,000 UNITED CONTINENTAL TL B -0.91% 98.65 99.55 10
5 4,750 ZAYO TL -0.32% 97.35 97.66 19
6 4,700 CAESARS RESORT COLLECTION TL B -0.14% 98.70 98.84 14
7 3,972 POWER SOLUTIONS TL B -0.57% 98.37 98.94 10
8 3,900 DIRECTV TL -0.38% 99.18 99.56 12
9 3,582 MISYS TL B -0.19% 98.25 98.44 14
10 3,524 TRANSDIGM INC. TL F -0.15% 97.93 98.08 15
11 3,515 LIFEPOINT HOSPITALS TL B -0.12% 98.67 98.79 14
12 3,450 GOLDEN NUGGET INC TL B -0.27% 99.09 99.36 14
13 3,380 SOLERA TL B -0.15% 99.09 99.24 16
14 3,375 INTELSAT EXIT TL B -0.57% 98.14 98.70 11
15 3,325 CINEWORLD TL B 1.82% 78.70 77.29 15
16 3,312 HUB INTL LTD TL B 0.11% 98.84 98.73 18
17 3,300 NTL CABLE PLC TL N -0.25% 98.02 98.26 12
18 3,300 DIAMOND SPORTS TL B 3.70% 37.93 36.58 12
19 3,275 SCIENTIFIC GAMES TL B5 0.10% 99.34 99.24 13
20 3,100 ASURION TL B8 -0.33% 97.85 98.18 10
AVERAGE 4,029 0.02% 93.22 93.33 13.6

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 2/25/22 – 3/4/22

RANK NAME CHANGE PX PX-1M
1 SEADRILL PARTNERS LLC 2ND LIEN TL 4.00% 105.08 101.04
2 PGS TL B 2.48% 84.50 82.46
3 CINEWORLD TL B 2.09% 76.53 74.96
4 PAYSAFE TL 1.95% 94.72 92.91
5 TECHNICOLOR DD EUR TL 1.83% 96.75 95.01
6 WEST CORP TL B1 1.68% 89.75 88.27
7 PEABODY ENERGY TL B 1.28% 95.03 93.83
8 AIR METHODS TL 1.14% 93.39 92.34
9 HOFFMASTER TL 0.99% 93.81 92.89
10 GEO GROUP TL B 0.96% 92.77 91.90

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 2/25/22 – 3/4/22

RANK NAME CHANGE PX PX-1M
1 NEOVIA TL -9.34% 85.33 94.12
2 ANCHOR GLASS 2ND LIEN TL -5.50% 41.15 43.54
3 HERITAGE POWER TL B -5.36% 61.47 64.95
4 HOLLAND & BARRETT EUR TL B -5.21% 84.74 89.39
5 HARLAND CLARKE TL B -4.75% 86.19 90.50
6 VUE INTERNATIONAL BIDCO PLC EUR TL B -4.26% 89.16 93.13
7 VERITAS US INC TL B -3.71% 94.94 98.60
8 LUMILEDS TL B -2.88% 73.53 75.70
9 AI SIRONA LUXEMBOURG ACQUISITION SARL EUR TL B -2.61% 95.00 97.55
10 TARKETT EUR TL B -2.57% 92.68 95.13

Avg Bid PX by Sector

Displays the average loan bid price by sector between 2/25/22 – 3/4/22

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 2/25/22 – 3/4/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 2/25/22 vs. the week ending 3/4/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ENVISION HEALTHCARE TL B 54 92 38 70%
2 GOLDEN NUGGET INC TL B 70 102 32 46%
3 VISTRA ENERGY TL B3 70 100 30 43%
4 QUIKRETE TL B 70 100 30 43%
5 LEARFIELD TL B 33 60 27 82%
6 CAESARS RESORT COLLECTION TL B 70 96 26 37%
7 SBA COMMUNICATIONS CORP TL B 50 76 26 52%
8 CINEWORLD TL B 44 70 26 59%
9 ZELIS / REDCARD TL B 38 64 26 68%
10 EW SCRIPPS EXT TL B3 40 65 25 63%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 2/25/22 – 3/4/22

RANK TRANCHE DEALERS
1 ZAYO TL 19
2 ENVISION HEALTHCARE TL B 19
3 LUMILEDS TL B 18
4 ACTION NEDERLAND EUR TL B 18
5 HUB INTL LTD TL B 18
6 AMC ENTERTAINMENT TL B1 18
7 ZIGGO EUR TL H 18
8 GVC HOLDINGS EUR TL B3 18
9 TELENET EUR TL 18
10 IFCO EUR TL B 18

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 2/25/22 – 3/4/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 2/25/22 – 3/4/22

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

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