Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
April 2022

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 4/30/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Five Star Holding 630 Term Loan 4/27/2029 S+425
Five Star Holding 250 Term Loan 4/18/2030 N/A
Paradigm Outcomes 60 Term Loan 10/1/2026 S+750
Paradigm Outcomes 125 Term Loan 10/1/2025 S+425
Mariner LLC 25 Delayed-Draw Term Loan 4/26/2029 S+325
Mariner LLC 150 Term Loan 4/26/2029 S+325
Expedia Group Inc. 2500 Revolving Credit 4/14/2027 N/A
CPG International Inc. 575 Term Loan 4/18/2029 S+250
Brook & Whittle LTD 131 Term Loan 12/1/2028 S+400
Boliden Mineral AB 400 Revolving Credit 4/14/2025 N/A
Boliden Mineral AB 450 Revolving Credit 4/14/2027 N/A
Sinclair Television Group Inc. 750 Term Loan 4/13/2029 S+375
Penn National Gaming Inc. 1000 Term Loan 4/12/2029 S+300
Ensign Group Inc. 600 Revolving Credit 4/8/2027 N/A
Element Materials Technology Group 400 Term Loan 4/4/2029 L+425
Element Materials Technology Group 1425 Term Loan 4/4/2029 S+435
Veracode 815 Term Loan 4/7/2029 S+475
STG Logistics Inc. 750 Term Loan N/A S+600
Quirch Foods Co. 125 Term Loan 10/27/2022 S+450
MKS Instruments Inc. 600 Term Loan 4/4/2029 L+300
MKS Instruments Inc. 500 Revolving Credit 4/4/2027 N/A
MKS Instruments Inc. 3600 Term Loan 4/4/2029 S+275
MKS Instruments Inc. 1000 Term Loan 4/4/2027 S+250
Brightview Landscapes LLC 1200 Term Loan 4/14/2029 S+325
Imprivata Inc. 300 Term Loan 4/8/2030 N/A
Delivery Hero SE 825 Term Loan 7/4/2027 S+575
Perrigo Co. 550 Delayed-Draw Term Loan 3/28/2029 S+250
Perrigo Co. 1000 Revolving Credit 3/28/2027 N/A
Perrigo Co. 500 Term Loan 3/28/2027 N/A
Perrigo Co. 1100 Term Loan 3/28/2029 S+250
Belfor Holdings Inc 235 Term Loan 4/6/2026 N/A
Oldcastle Building Envelope 1685 Term Loan 4/1/2029 S+450
Forefront Dermatology 535 Term Loan 4/1/2029 S+425

Forward Calendar

List of upcoming syndicated loan being marketed in the United States as of 4/30/22

ISSUER DEAL INFORMATION BANKS EXPECTED ISSUE DATE
Azz Inc. $1.925B credit facilities: $400MM RC; $1.525B TL CITI, WF Q2 2022
Bausch + Lomb $2.5B TL (Ba2/B+) GS, MS, CITI, JPM, BCLY Q2 2022
Curium Bidco $335MM TL JPM Q2 2022
Dayco Products LLC $470MM TLB (B3) BofA Q2 2022
Polyconcept $925MM credit facilities: $800MM TLB; $125MM RC KKR Q2 2022
Restoration Hardware Inc. $1B TL (BB) BofA Q2 2022
Terraform Power $500MM TL RBC,BCLY, WF Q2 2022
Syniverse Holdings LLC $1.025B TL BCLY, GS, MIZ, BofA, CS, DB, BNP, SG Q2 2022
VXI Global Solutions $615MM TLB (B) BC, CG Q2 2022

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 4/1/22 – 4/30/22

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 7,270 MEDLINE TL B 0.01% 98.98 98.97 10
2 5,450 ENVISION HEALTHCARE TL B -8.01% 66.87 72.70 17
3 4,750 ZAYO TL -0.53% 97.19 97.71 16
4 4,700 CAESARS RESORT COLLECTION TL B 0.45% 99.33 98.88 13
5 3,900 DIRECTV TL 0.19% 99.78 99.59 12
6 3,582 MISYS TL B 0.16% 98.62 98.46 13
7 3,524 TRANSDIGM INC. TL F -0.10% 98.10 98.20 13
8 3,515 LIFEPOINT HOSPITALS TL B 0.50% 99.29 98.80 12
9 3,500 AMERICAN AIRLINES TL B -0.50% 101.17 101.68 11
10 3,450 GOLDEN NUGGET INC TL B -0.08% 99.39 99.47 12
11 3,380 SOLERA TL B -0.06% 99.17 99.23 14
12 3,325 CINEWORLD TL B -0.42% 76.98 77.31 14
13 3,312 HUB INTL LTD TL B 0.04% 98.77 98.73 15
14 3,300 NTL CABLE PLC TL N 0.37% 98.62 98.25 10
15 3,275 SCIENTIFIC GAMES TL B5 0.19% 99.48 99.29 11
16 3,100 TRANSUNION TL B6 0.18% 99.06 98.89 10
17 3,100 JAZZ PHARMA TL B 0.05% 99.59 99.55 11
18 3,000 WESTINGHOUSE TL B -0.29% 98.12 98.40 13
19 2,985 HARBOR FREIGHT TL B -0.47% 97.81 98.27 11
20 2,938 ULTIMATE SOFTWARE TL 0.36% 99.27 98.92 10
AVERAGE 3,768 -0.40% 96.28 96.56 12.4

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 4/1/22 -4/30/22

RANK NAME CHANGE PX PX-1M
1 JILL TL B 8.81% 90.80 83.45
2 KALLE EUR TL B 5.99% 86.84 81.94
3 HUNKEMOLLER BV EUR TL B 5.58% 96.28 91.19
4 AUDIO VISUAL 2ND LIEN TL 4.31% 87.98 84.35
5 MCDERMOTT EXIT TL 4.12% 50.08 48.09
6 DIGI INTERNATIONAL TL B 3.68% 99.07 95.55
7 LIGHTSTONE GENERATION LLC TL C 3.67% 91.97 88.72
8 EASTERN POWER TL B 3.47% 72.60 70.16
9 ESSENTIAL POWER TL B 3.43% 82.74 80.00
10 OREGON CLEAN ENERGY TL 3.01% 95.27 92.48

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/1/22 -4/30/22

RANK NAME CHANGE PX PX-1M
1 LUMILEDS TL B -21.66% 46.92 59.89
2 SCHUR FLEXIBLES EUR TL B -21.25% 54.44 69.13
3 ISAGENIX TL -16.40% 58.94 70.50
4 UNITED ROAD SERVICES TL -14.04% 73.17 85.12
5 BELK EXIT SO TL -12.81% 56.52 64.82
6 ENVISION HEALTHCARE PIK  TL B -10.77% 59.58 66.77
7 SERTA SIMMONS TL -10.52% 53.65 59.95
8 HARLAND CLARKE TL B7 -9.65% 82.06 90.83
9 CAREERBUILDER TL -9.20% 69.01 76.00
10 HERITAGE POWER TL B -7.97% 53.35 57.97

Avg Bid PX by Sector

Displays the average loan bid price by sector between 4/1/22 -4/30/22

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 4/1/22 -4/30/22

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 3/31/22 vs. the month ending 4/30/22

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 APPLIED SYSTEMS TL B 48 295 247 515%
2 ELEMENT SOLUTIONS INC TL B 9 178 169 1878%
3 SS&C TECH TL B4 133 296 163 123%
4 DAE AVIATION TL B2 2 149 147 7350%
5 US TELEPACIFIC TL B 80 218 138 173%
6 DIGICERT 2ND LIEN TL 16 150 134 838%
7 AIR MEDICAL TL B2 186 317 131 70%
8 HYLAND SOFTWARE 2ND LIEN TL 8 118 110 1375%
9 ISAGENIX TL 40 149 109 273%
10 NESTLE SKIN HEALTH TL B 192 292 100 52%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 4/1/22 -4/30/22

RANK TRANCHE DEALERS
1 LUMILEDS TL B 20
2 ACTION NEDERLAND EUR TL B 18
3 ZIGGO EUR TL H 18
4 IFCO EUR TL B 18
5 LIGHTSTONE GENERATION LLC TL B 17
6 ENVISION HEALTHCARE TL B 17
7 GVC HOLDINGS EUR TL B3 17
8 TELENET EUR TL 17
9 BANIJAY GROUP EUR TL B 17
10 ALPHA BIDCO EUR TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 4/1/22 -4/30/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 4/1/22 -4/30/22

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

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