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Select Medical prices; Ardagh on tap; Nesco at a premium; Global Aircraft at par
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 29 – The high-yield primary market generated a steady news stream on Monday with one deal pricing and the stage set for three more on Tuesday.
Select Medical Corp. priced an upsized $550 million issue of seven-year senior notes (B3/B-) at par to yield 6¼% in a drive-by.
Ardagh Group SA set price talk on two dollar-denominated tranches of notes on Monday with pricing expected to Tuesday.
Iqvia Inc. and GEMS Education also set official price talk for their offerings, which are expected during Tuesday’s session.
The forward calendar also grew with Forgital Group joining with a $505 million offering of seven-year senior secured notes and Swissport running a roadshow for a €780 million two-tranche offering.
Meanwhile, volume was relatively light with the secondary space unchanged during Monday’s session.
New paper continued to be the focus of trading activity with Select Medical’s new notes in focus and making gains shortly after breaking for trade.
While volume was light, Nesco Holdings I, Inc. and Investment Corp. IV’s 10% senior notes due 2024 continued to trade at a large premium to their issue price.
However, Global Aircraft Leasing Co., Ltd.’s 6½% cash contingent PIK toggle notes due 2024 remained wrapped around their issue price in secondary activity.
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