Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 9/2/22

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

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New Issues
Forward Calendar
Largest Loans
Top 10 Losers
Average Bid Price
Market Sentiment
Top Movers
Most Quoted Loans
Bid & Offer Volume
Bid Offer Spread

New Issues

Loans issued during the week ending 9/2/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Envision Healthcare Corp. 1100 Term Loan 4/29/2027 S+787.5
Reef Global Inc. 450 Term Loan 8/19/2027 S+700

Forward Calendar

List of upcoming syndicated loan being marketed in the United States as of 9/2/22

ISSUER DEAL INFORMATION BANKS EXPECTED ISSUE DATE
Avalara Inc. $2.75B credit facilities: $250MM revolver; $2.5B TL VEP Q3 2022
Bettcher Industries $200MM TL (B-) UBS, KKR, JEFF Q3 2022
Citrix Systems Inc. $8.05B credit facilities: $1B revolver; $7.05B TL CS, GS, BCLY, CITI, DB, KKR Q3 2022
Covetrus $2.25B credit facilities:$300MM revolver; $1.525B TL; $425MM TL DB, UBS, BMO, MIZ, TD, STD, ING Q3 2022
Open Text Corp. $2.585 DD TL BCLY, BMO, RBC, CITI Q3 2022
Zendesk Inc. $4.1B credit facilities: $350MM revolver; $3.75B TL N/A Q3 2022

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/26/22 – 9/2/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,450 ENVISION HEALTHCARE TL B -2.00% 26.11 26.64 11
2 5,000 UNITED CONTINENTAL TL B -1.06% 96.53 97.57 10
3 4,750 ZAYO TL -1.65% 90.38 91.90 13
4 4,700 CAESARS RESORT COLLECTION TL B -0.48% 98.34 98.81 13
5 3,900 DIRECTV TL -1.11% 95.00 96.07 14
6 3,600 CDK GLOBAL TL -0.43% 96.88 97.30 13
7 3,582 MISYS TL B -0.59% 93.04 93.59 12
8 3,524 TRANSDIGM INC. TL F -1.00% 96.71 97.69 13
9 3,400 REFRESCO HOLDING EUR TL B -0.63% 96.89 97.51 14
10 3,380 SOLERA TL B -0.92% 95.29 96.17 15
11 3,325 CINEWORLD TL B -0.60% 63.68 64.06 14
12 3,312 HUB INTL LTD TL B -0.48% 97.48 97.96 13
13 3,300 NTL CABLE PLC TL N -0.59% 97.23 97.81 11
14 3,222 DIAMOND SPORTS 2ND LIEN TL 1.14% 18.39 18.18 12
15 3,000 WESTINGHOUSE TL B -0.77% 97.11 97.86 12
16 2,985 HARBOR FREIGHT TL B -0.47% 95.10 95.55 12
17 2,884 BMC SOFTWARE TL B -0.97% 95.95 96.89 15
18 2,825 BRAND ENERGY TL 0.90% 90.78 89.96 16
19 2,750 REALPAGE TL B -0.66% 95.59 96.23 12
20 2,710 DELL SOFTWARE GROUP TL B -1.36% 89.82 91.07 10
AVERAGE 3,580 -0.69% 86.31 86.94 12.8

Top 20 Losers

Showcases the top 20 loan “losers” based on the largest bid price decreases between 8/26/22 – 9/2/22

RANK NAME CHANGE PX PX-1W
1 LUMILEDS TL B -39.13% 23.28 38.24
2 THILEA TL B -9.20% 69.65 76.71
3 VERITAS US INC TL B -7.52% 79.50 85.97
4 METAL SERVICES TL B -7.17% 58.00 62.48
5 CARESTREAM HEALTH TL -5.61% 93.44 99.00
6 HUDSON RIVER TL B -5.48% 91.29 96.58
7 BAUSCH HEALTH COMPANIES INC. TL B -4.23% 78.67 82.15
8 SHUTTERFLY TL B -3.75% 75.01 77.93
9 WEST MARINE 2ND LIEN TL B -3.72% 85.46 88.76
10 TELESAT TL B -3.21% 66.26 68.46
11 ASURION 2ND LIEN TL B4 -3.14% 83.63 86.34
12 TKC HOLDINGS TL -2.77% 88.14 90.66
13 WHEEL PROS TL -2.76% 82.97 85.32
14 VALEO FOODS EUR TL B -2.53% 88.02 90.31
15 UNIVERSAL SERVICES TL B -2.45% 93.80 96.16
16 PAYSAFE EUR TL B -2.29% 89.43 91.52
17 WHATABURGER TL B -2.18% 94.35 96.45
18 NESTLE SKIN HEALTH TL B -2.13% 95.49 97.56
19 BELLIS ACQUISITION CO PLC EUR TL B -2.09% 90.75 92.69
20 LANDESK TL B -1.97% 84.50 86.20

Avg Bid PX by Sector

Displays the average loan bid price by sector between 8/26/22 – 9/2/22

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 8/26/22 – 9/2/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 8/26/22 vs. the week ending 9/2/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 CHANGE HEALTHCARE TL B 34 62 28 82%
2 BISON MIDSTREAM TL B 24 52 28 117%
3 EFS COGEN TL B 18 46 28 156%
4 JOURNEY PERSONAL CARE TL 9 35 26 289%
5 DAVITA TL B 58 84 26 45%
6 GENON ENERGY INC TL B 44 70 26 59%
7 HUSKY INJECTION MOLDING TL B 58 84 26 45%
8 LOYALTY VENTURES TL 10 36 26 260%
9 SHUTTERFLY TL B 34 59 25 74%
10 AUTODATA TL 46 71 25 54%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 8/26/22 – 9/2/22

RANK TRANCHE DEALERS
1 ACTION NEDERLAND EUR TL B 19
2 LUMILEDS TL B 18
3 ZIGGO EUR TL H 18
4 TELENET EUR TL 18
5 CINEWORLD TL B 18
6 VERISURE EUR TL B 18
7 NUMERICABLE EUR TL B11 17
8 HALO BUYER TL 17
9 CEVA SANTE ANIMALE EUR TL B 17
10 IFCO EUR TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 8/26/22 – 9/2/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 8/26/22 – 9/2/22

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

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