Middle Market Primary Loan Monitor

Transcription

1 July 2017 Monthly Update August 2017 Middle Market Primary Loan Monitor

2 July August Primary Issuance Overview NEW ISSUANCE USE OF PROCEEDS ISSUANCE BY INDUSTRY NEW ISSUE CHARACTERISTICS Refi 22% Working Capital 14% M&A 7% LBO 5% 52% Healthcare Consumer Products Manufacturing Computer Services 14% 12% 10% 7% AVERAGE TENOR 51 MONTHS AVERAGE SENIOR TERM DEBT SPREAD Reference Base Spread Above LIBOR Average Count Towards Average 4.77% 9 Financial Services 7% Fixed Rate 3.30% 2 * Use of proceeds and new issue characteristics represent only the portion of transactions for which Debtwire could obtain information. In the case of use of proceeds, pie chart data is derived from 100% of total number of deals. New issue characteristics derived from 24.4% of transactions with maturity dates and 20% of transactions with pricing. Pricing data excludes revolvers, mezzanine and subordinated debt. Other 50% Page 2

3 July August Loans LOANS Borrower Name Instrument Size (USDm) Maturity Coupon Industry Sponsor Lead Lender Purpose Content Media Corporation International Limited Upland Software Zavation Medical Products Titan Pharmaceutical Ciner Resources Luxury Brand Holdings Jul-22 L % Media SunTrust Bank Computer Services May-21 L + 8.4% Pharmaceuticals Wells Fargo Capital Finance and CIT Bank, NA Healthcare LongVue Capital Abacus Finance Group LBO Horizon Technology Finance Corporation Aug-22 Manufacturing PNC Bank Refi Retail Citizens Bank Ameriflight Water-as-a-Service Performant Business Services Videology Midland Stamping and Fabricating Corporation Life Science Holdings Cream Wine Company icad Donuts Kingfisher Midstream Natera Unicare Pharmacy Callaway Golf Downtown Locker Room and Sneaker Villa R.M.P. Athletic Locker Limited Nuverra Environmental Solutions Kayne Anderson Energy Development CAD Transportation Veritas Financial Partners Refi Aug-21 L % Utility AquaVenture Holdings Deutsche Bank AG Refi Aug-20 Technology ECMC Group Refi Computer Services Aug-24 L % Healthcare Aug-21 FastPay and Tennenbaum Capital Partners Manufacturing MB Business Capital Working Capital Healthcare LBC Credit Partners Refi Food & Beverage North Mill Capital Refi Healthcare Silicon Valley Bank Computer Services Silicon Valley Bank M&A Energy ABN AMRO Capital USA OrbiMed Royalty Opportunities II Pharmaceuticals Presidential Financial Working Capital L + 2.5% Consumer Products Bank of America M&A 3.06% fixed Aug-21 L + 1.4% Consumer Products Bruckmann Rosser Sherrill & Company and Goode Partners Golub Capital M&A Consumer Products MB Business Capital Canada Energy ACF FinCo I Financial Services 70.0 Services The Bank of Nova Scotia Page 3

4 July August Loans LOANS Borrower Name Instrument Size (USDm) Maturity Coupon Industry Sponsor Lead Lender Purpose Uttam Galva North America Metals & Mining Santander Bank ENSERVCO 30.0 Aug-20 Services East West Bank Plymouth Industrial REIT Integrity Delaware d/b/a Integrity Industries Bridgewater Interiors 35.0 Aug-20 L + 2.5%-3% Construction & Homebuilding KeyBank National Association Aug-20 Chemicals and Materials Siena Lending Group Working Capital Automotive Bank of America Business Capital Working Capital Alarm Financial Services Utility The PrivateBank MGP Ingredients Aug-22 Chemicals and Materials Wells Fargo Bank Inseego Corp Aug % fixed Aug-20 L % Telecommunications Highbridge Capital Management Refi PetEdge Inc Stella Environmental Holdings Consumer Products Monroe Capital Refi Services Hidden Harbor Capital Partners Monroe Capital LBO Active eyewear company 1.0 Consumer Products TAB Bank Working Capital PeakMed Peace Naturals Project 5.5 Healthcare ASI Capital Manufacturing Romspen Investment Corporation Logic PD, Inc 9.0 Manufacturing CHB Capital Partners MB Business Capital Renovate America Financial Services ING Capital Establishment Labs Snap Finance Healthcare Madryn Asset Management Financial Services BMO Harris Bank, First Tennessee Bank and BankUnited Peak Resorts Chorus Aviation Inc 50.0 Aug-20 Liesure Royal Banks of Missouri Working Capital Transportation CIBC and The Bank of Nova Scotia (Scotiabank) Refi Page 4

5 July August Contacts Debtwire Middle Market Editorial Debtwire Middle Market Research Sales Jon Berke, Middle Market Editor, Debtwire North America , Suneet Chandvani, Head of Mid-Market Research , Jonathan Reed, Managing Director , Bill Weisbrod, Reporter , Alex Federbusch, Analyst , Brian Fitzgerald, Head of Debtwire Sales Americas , Rachel Butt, Energy Reporter , Amol Shinde, Analyst , Tanvi Acharya, Reporter , Rahul Ramaswamy, Analyst , Page 5

6 July August Debtwire reports on corporate debt situations before credit ratings are changed. Offering unique insights, credit analysis, debt data, and analytics for distressed debt and leveraged finance markets. Follow corporate debt situations as they unfold Find mandate opportunities in stressed/ distressed/restructuring situations, ahead of the market Subscribers choose Debtwire for speed and depth of coverage they can t get anywhere else. Our reporters talk to an impressive range of contacts every day to bring you valuable early insight into fast evolving situations. To complement your newsfeed, Debtwire s credit analysis and research teams provide deep technical details and angles that help you understand situations more clearly. Get real-time news on market-moving events sent to your mobile or Get the full story on restructurings and the players involved Understand how regulatory developments are affecting asset-backed securities Capture early stage primary opportunities and stay on top of the leveraged market EMEA 10 Queen Street Place London EC4R 1BE United Kingdom sales@acuris.com Americas 330 Hudson St. 4th Floor New York, NY USA sales.us@acuris.com Asia Suite Grand Millennium Plaza 181 Queen s Road, Central Hong Kong sales.asia@acuris.com Disclaimer We have obtained the information provided in this report in good faith from sources that we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and Debtwire intelligence.