Calendar builds; secondary firms; Bausch, Embecta improve

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 31 – The final session of January saw zero dollar-denominated new issuance in the high-yield primary market, but the calendar saw a big $6 billion buildout, and several deals improved in Monday trading.

McAfee Corp. scheduled an investor conference call to pitch a $3.32 billion offering of notes.

Worldwide Flight Services Group started a roadshow for €590 million and $400 million of five-year senior secured notes.

Scientific Games Holdings LP began marketing an $880 million offering of eight-year senior notes.

Several recent deals improved in active trading on Monday.

Bausch Health Cos. Inc.’s 6 1/8% senior secured notes due 2027 (Ba3/BB/BB) and Embecta Corp.’s 5% senior secured notes due 2030 (Ba3/B+) continued to gain strength with both closing the day at a premium to their issue price.

While Minerva Merger Sub, Inc.’s (athenahealth) 6½% senior notes due 2030 (Caa2/CCC/CCC+) also improved, the notes remained firmly under water.

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