Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 4/29/22

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 4/29/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Five Star Holding 630 Term Loan 4/27/2029 S+425
Paradigm Outcomes 60 Term Loan 10/1/2026 S+750
Mariner LLC 25 Delayed-Draw Term Loan 4/26/2029 S+325

Forward Calendar

List of upcoming syndicated loan being marketed in the United States as of 4/29/22

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 weekly price movements and quote depth for the 20 largest bank loans between 4/22/22 – 4/29/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 7,270 MEDLINE TL B -0.23% 98.25 98.48 11
2 5,450 ENVISION HEALTHCARE TL B -4.32% 60.89 63.64 16
3 5,160 INTEL TL -0.95% 98.14 99.08 11
4 5,000 UNITED CONTINENTAL TL B -0.40% 98.97 99.37 10
5 4,750 ZAYO TL -2.59% 94.70 97.22 16
6 4,700 CAESARS RESORT COLLECTION TL B -0.25% 99.44 99.69 13
7 4,463 ULTIMATE SOFTWARE TL B -0.25% 98.90 99.15 10
8 3,972 POWER SOLUTIONS TL B -0.51% 98.23 98.73 10
9 3,900 DIRECTV TL -0.30% 99.51 99.81 12
10 3,582 MISYS TL B -0.71% 97.07 97.77 13
11 3,524 TRANSDIGM INC. TL F -0.47% 97.95 98.41 13
12 3,515 LIFEPOINT HOSPITALS TL B -0.83% 98.69 99.52 11
13 3,500 AMERICAN AIRLINES TL B -0.39% 101.67 102.07 11
14 3,500 PILOT TRAVEL TL B -0.27% 98.59 98.85 10
15 3,450 GOLDEN NUGGET INC TL B -0.34% 99.42 99.76 12
16 3,420 RCN GRANDE TL -0.84% 98.48 99.31 10
17 3,380 SOLERA TL B -0.42% 99.24 99.65 13
18 3,325 CINEWORLD TL B -0.22% 76.18 76.35 14
19 3,312 HUB INTL LTD TL B -0.26% 98.93 99.19 14
20 3,300 NTL CABLE PLC TL N -0.27% 98.49 98.76 10
AVERAGE 4,124 -0.74% 95.59 96.24 12.0

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 4/22/22 – 4/29/22

RANK NAME CHANGE PX PX-1W
1 DUNN PAPER TL 7.02% 84.00 78.49
2 BUCCANEER 2ND LIEN TL 2.28% 96.51 94.36
3 EASTERN POWER TL B 2.00% 72.60 71.17
4 MCDERMOTT EXIT TL 1.57% 50.08 49.30
5 INTERNATIONAL TEXTILE GROUP TL 1.36% 93.35 92.09
6 EXCEL FITNESS HOLDINGS TL 1.35% 99.48 98.15
7 VYAIRE MEDICAL TL B 1.27% 77.79 76.81
8 OREGON CLEAN ENERGY TL 0.97% 95.27 94.35
9 AUDIO VISUAL TL B1 0.85% 93.43 92.64
10 CINEWORLD EXT P TL B1 0.77% 106.43 105.62

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/22/22 – 4/29/22

RANK NAME CHANGE PX PX-1W
1 CAREERBUILDER TL -8.83% 69.01 75.69
2 HARLAND CLARKE TL B7 -6.80% 82.06 88.05
3 ENVISION HEALTHCARE PIK  TL B -5.47% 59.58 63.02
4 JUICE PLUS+ TL -5.41% 83.32 88.08
5 MONITRONICS EXIT TL -5.28% 76.41 80.67
6 QUALTEK TL -4.12% 91.26 95.19
7 VUE INTERNATIONAL BIDCO PLC EUR TL B -3.72% 81.93 85.10
8 INTERIOR LOGIC TL B -3.28% 85.05 87.93
9 TELESAT TL B -2.76% 72.13 74.17
10 ANCHOR GLASS 2ND LIEN TL -2.69% 45.23 46.48

Avg Bid PX by Sector

Displays the average loan bid price by sector between 4/22/22 – 4/29/22

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 4/22/22 – 4/29/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 4/22/22 vs. the week ending 4/29/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 GRANITE ENERGY TL B 60 84 24 40%
2 DEXKO TL B 23 47 24 104%
3 PHILIPS APPLIANCES EUR TL B 22 44 22 100%
4 NTL CABLE PLC EUR TL B 40 60 20 50%
5 GALILEO GLOBAL EDUCATION EUR TL B 40 60 20 50%
6 DAVITA TL B 90 110 20 22%
7 SIVANTOS EUR TL B1 18 38 20 111%
8 VERITAS US INC EUR TL B 14 32 18 129%
9 TRICO PRODUCTS TL B 26 44 18 69%
10 EOC GROUP TL 58 76 18 31%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 4/22/22 – 4/29/22

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 TELENET EUR TL 17
8 BANIJAY GROUP EUR TL B 17
9 GVC HOLDINGS EUR TL B3 17
10 SYNLAB EUR TL B5 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 4/22/22 – 4/29/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 4/22/22 – 4/29/22

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

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