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Syndicated Loans: Biggest Movers
Friday, May 18, 2012
Syndicated loans are corporate loans that are bought or traded by a group of banks and/or institutional investors. Investment-grade loans are investment-grade or unrated loans priced at or below the London interbank offered rate (Libor) plus 150 basis points (or 1.5 percentage points). Leveraged loans are speculative-grade or unrated loans priced at or above Libor plus 151 basis points. Below are the biggest gainers and losers among widely-quoted syndicated loans in secondary trading in the week ended Friday among the 116 loans with five or more bids. All loans listed are B-term, or sold to institutional investors.
Name Loan rating
Moody's/S&P		 Coupon/
interest*		 Maturity Avg bid
(pct. pts)		 Wkly chg
(pct. pts)
Alaska Communications Systems Ba3/BB- L+400 Oct. 18, '16 89.90 -1.65
Armstrong World B1/BB- L+300 March 31, '18 99.46 -0.52
Armstrong World B1/BB- L+300 March 31, '18 99.46 -0.52
Ashland Inc Baa3/BB L+275 July 30, '18 99.52 -0.62
Blackboard Inc B1/B+ L+600 Sept. 26, '18 98.23 -0.88
Caesars Entertainment Inc B2/B L+525 Jan. 1, '18 90.75 -1.47
Claire's Stores B3/B L+275 May 29, '14 93.54 -1.53
Colfax Corp Ba2/BB+ L+350 Nov. 24, '18 99.78 -0.57
Community Health Ba3/BB L+225 July 25, '14 98.23 -0.88
Crown Castle International Corp Ba3/B+ L+300 Jan. 25, '19 99.32 -0.77
Dex Media East LLC N.R./N.R. L+250 Oct. 24, '14 54.00 -0.95
Energy Transfer Equity LP Ba2/BB L+300 March 7, '17 97.54 -1.05
Epicor Software Corp Ba3/B+ L+375 May 16, '18 99.15 -0.94
First Data Corp N.R./B+ L+500 March 24, '17 96.07 -1.14
Ineos Group Plc B1/B+ L+525 May 3, '18 99.70 -0.55
Intelsat Jackson Holdings LTD B1/BB- L+375 April 2, '18 99.83 -0.56
Las Vegas Sands Ba2/BBB- L+275 Nov. 26, '16 98.15 -0.51
Lawson Software Ba3/B+ L+500 March 30, '18 100.27 -1.10
MEG Energy Corp Ba3/BBB- L+300 March 22, '18 99.50 -0.59
Revel Entertainment Group LLC B3/B L+750 Feb. 15, '17 93.58 -1.88
Reynolds Group Ba3/BB- L+325 Feb. 9, '18 100.68 -0.56
Seaworld Parks and Entertainment Inc Ba3/BB- L+300 Aug. 6, '17 99.25 -0.75
Seaworld Parks and Entertainment Inc Ba3/BB- L+300 Aug. 8, '17 99.25 -0.75
Sensata Technologies Ba3/BB+ L+300 May 9, '18 99.21 -0.82
US Foodservice B3/N.R. L+275 July 3, '14 97.45 -0.91
*Libor + basis points

Note: These are the averages of indicative bid prices provided by bank-loan traders and expressed as a percentage of the par or face value. All ratings are for specific loans and not for the company. These prices do not represent actual trades nor are they offers to trade; rather they are estimated values provided by dealers; N.R. indicates that this issue is not rated.
Source: LSTA/Thomson Reuters MTM Pricing
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