Forward calendar grows; Option Care flat; LABL tranches mixed

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 25 – While only one small add-on priced on Monday, the high-yield forward calendar continued to grow with the primary market setting the stage for another high-volume week.

Gray Television, Inc. plans to price a $1.125 billion offering of 10-year senior notes (existing ratings B3/B/BB-) and Roblox Corp. plans to price a $1 billion offering of 8.5-year senior notes (expected ratings Ba2/BB) on Tuesday.

The two deals join a forward calendar that already had about $3 billion in the market.

Meanwhile, the secondary space remained unchanged, despite a strong day for equities that saw the Dow Jones industrial average and S&P 500 index at another all-time high.

While the 10-year Treasury yield ticked lower to close the day at 1.635%, there remains some apprehension in the market with the sentiment far from risk-on, a source said.

LABL, Inc.’s secured notes were putting in a strong performance in the secondary space with the notes rising to a 101-handle while the company’s higher coupon, unsecured counterpart, at times, lagged their issue price.

Option Care Health, Inc.’s 4 3/8% senior notes due 2029 (B3/B-) were also stuck at par in active trading.

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