Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
August 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 8/31/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Envision Healthcare Corp. 200 Delayed-draw Term Loan 4/29/2027 S+787.5
Envision Healthcare Corp. 1100 Term Loan 4/29/2027 S+787.5
Envision Healthcare Corp. N/A Term Loan 4/28/2028 N/A
Reef Global Inc. 450 Term Loan 8/19/2027 S+700
Eyecare Partners, LLC 250 Term Loan 11/1/2028 S+460
WatchGuard Technologies Inc. 550 Term Loan 8/3/2029 S+525
Citadel Securities LP 400 Term Loan 2/2/2028 S+325
Excelitas Technologies Corp. 270 Term Loan 8/11/2029 L+575
Excelitas Technologies Corp. 1580 Term Loan 8/11/2029 L+575
ETX Energy LLC 600 Term Loan 8/4/2029 S+450
Sabre GLBL Inc. 675 Term Loan 6/30/2028 S+510
Pike Corp. 300 Term Loan 1/21/2028 S+350
Asurion LLC 1184 Term Loan 8/17/2028 S+400
Terra Millennium Corp 30 Delayed-draw Term Loan 6/14/2028 S+600
Terra Millennium Corp 435 Term Loan 6/14/2028 S+600
Corden Pharma 488 Term Loan 8/8/2028 L+575
Corden Pharma 619 Term Loan 8/28/2028 L+575
Patagonia Holdco LLC 1300 Term Loan 7/18/2029 S+575
HKA 380 Term Loan 8/5/2029 L+575
ETC Group LLC 475 Term Loan 8/3/2029 E+625
ETC Group LLC 540 Term Loan 7/20/2029 S+600

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 8/1/22 – 8/31/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,450 ENVISION HEALTHCARE TL B -18.64% 26.66 32.77 12
2 5,000 UNITED CONTINENTAL TL B 0.50% 96.88 96.40 10
3 4,750 ZAYO TL -1.09% 91.03 92.03 13
4 4,700 CAESARS RESORT COLLECTION TL B 1.01% 98.58 97.60 13
5 3,900 DIRECTV TL 1.22% 95.59 94.44 14
6 3,600 CDK GLOBAL TL 0.15% 97.26 97.12 13
7 3,582 MISYS TL B -0.09% 93.37 93.45 12
8 3,524 TRANSDIGM INC. TL F 0.17% 97.17 97.01 12
9 3,400 REFRESCO HOLDING EUR TL B 2.33% 97.44 95.23 14
10 3,380 SOLERA TL B 1.03% 95.85 94.88 15
11 3,325 CINEWORLD TL B 0.34% 64.08 63.86 14
12 3,312 HUB INTL LTD TL B 0.65% 97.86 97.23 13
13 3,300 NTL CABLE PLC TL N 0.30% 97.67 97.38 11
14 3,222 DIAMOND SPORTS 2ND LIEN TL -11.12% 17.98 20.23 12
15 3,000 WESTINGHOUSE TL B 0.91% 97.37 96.49 12
16 2,985 HARBOR FREIGHT TL B 3.08% 95.32 92.47 12
17 2,884 BMC SOFTWARE TL B 0.11% 96.32 96.22 15
18 2,825 BRAND ENERGY TL 0.03% 91.12 91.10 16
19 2,750 REALPAGE TL B -0.10% 96.07 96.17 12
20 2,710 DELL SOFTWARE GROUP TL B 2.31% 90.58 88.54 10
AVERAGE 3,580 -0.85% 86.71 86.53 12.8

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 8/1/22 -8/31/22

RANK NAME CHANGE PX PX-1W
1 HURTIGRUTEN GROUP EUR TL B 16.13% 83.60 71.99
2 RV RETAILER TL B 10.33% 92.95 84.25
3 SIGMA BIDCO GBP TL B4 8.90% 84.88 77.94
4 AUDIO VISUAL 2ND LIEN TL 8.22% 80.64 74.52
5 US RENAL CARE TL B 7.82% 76.86 71.28
6 GULF FINANCE TL B 7.76% 81.90 76.00
7 RENT-A-CENTER TL B 7.24% 96.72 90.19
8 V GROUP TL B 6.54% 89.18 83.71
9 US LBM TL B 6.15% 91.20 85.92
10 BASS PRO SHOPS TL B 5.93% 96.71 91.30

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 8/1/22 -8/31/22

RANK NAME CHANGE PX PX-1W
1 GENESIS CARE EUR TL B -26.58% 46.27 63.02
2 RACKSPACE HOSTING TL B -11.93% 80.67 91.60
3 US TELEPACIFIC TL B -11.38% 43.38 48.96
4 THILEA TL B -10.51% 75.15 83.97
5 CASA SYSTEMS TL -7.86% 85.40 92.69
6 PHILIPS APPLIANCES EUR TL B -7.30% 75.90 81.88
7 METAL SERVICES TL B -6.26% 60.32 64.35
8 AIR METHODS TL -6.18% 84.42 89.99
9 BAUSCH HEALTH COMPANIES INC. TL B -4.27% 80.60 84.20
10 CASINO GUICHARD EUR TL B -3.58% 84.77 87.92

Avg Bid PX by Sector

Displays the average loan bid price by sector between 8/1/22 -8/31/22

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 8/1/22 -8/31/22

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 7/31/22 vs. the month ending 8/31/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 MISYS TL B 246 385 139 57%
2 TRAEGER TL 144 283 139 97%
3 US LBM TL B 209 338 129 62%
4 EVERI PAYMENTS INC TL B 227 337 110 48%
5 SOLERA TL B 314 424 110 35%
6 TRITECH SOFTWARE SYSTEMS TL 166 272 106 64%
7 STATION CASINO TL B 239 342 103 43%
8 PLANVIEW TL 97 198 101 104%
9 CAESARS RESORT COLLECTION TL B 327 428 101 31%
10 PLY GEM TL 99 197 98 99%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 8/1/22 -8/31/22

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 ELSAN GROUPE EXT EUR TL B 17
8 ADEVINTA ASA EUR TL B 17
9 NUMERICABLE EUR TL B11 17
10 HALO BUYER TL 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 8/1/22 -8/31/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 8/1/22 -8/31/22

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

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