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Primary market prices $4.01 billion in deals from Herc, Post, NextEra, Catalent, more
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 24 – The domestic high-yield primary market blazed into the first week of summer with seven issuers pricing $4.01 billion in single tranches.
All of Monday's business came at the drive-through window, three of the seven tranches were upsized, and five of the seven tranches priced at the tight end of talk.
Herc Holdings Inc. priced an upsized $1.2 billion issue of eight-year senior notes (B3/B+) at par to yield 5½%.
Post Holdings, Inc. priced an upsized $750 million issue of 10.5-year senior notes (B2/B+) at par to yield 5½%.
NextEra Energy Operating Partners, LP priced a $700 million issue of five-year senior bullet notes (Ba1/BB/BB+) at par to yield 4¼%.
Catalent Pharma Solutions Inc. priced a $500 million issue of eight-year senior notes (B3/B+) at par to yield 5 1/8%.
William Lyon Homes Inc. priced a $300 million issue of eight-year senior notes (S&P: B+) at par to yield 6 5/8%.
Boyne USA, Inc. priced a $60 million add-on to its 7¼ % senior secured second lien notes due May 1, 2025 (B1/B) at 108.25 to yield 4.423%.
Icahn Enterprises LP and Icahn Enterprises Finance Corp. priced an upsized $500 million add-on to their 6¼% senior notes due 2026 (existing ratings Ba3/BB+) at 101.383 to yield 6%.
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