Citrix, Tellurian on deck; NCR plunges in junkland; Medline weaker; Royal Caribbean sinks

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 16 – The primary market sat idle on Friday with a $5 billion active forward calendar set to clear in a pair of transactions slated to price early in the week ahead.

The mammoth Picard Midco, Inc. $4 billion offering of 6.5-year senior secured notes backing the buyout of Citrix Systems Inc. by Vista Equity Partners and Evergreen Coast Capital Corp. continues to command the market's attention with pricing expected on Tuesday.

Tellurian Inc.’s $1 billion notes and warrants deal, recently heard to have undergone investor-friendly covenant changes, is set to hit the block on Monday.

Meanwhile, the secondary space remained soft on Friday although selling pressure in the market seemed to subside as the session progressed, a source said.

The larger implications of the weak market conditions were apparent in the topical news that caused NCR Corp.’s senior notes to plummet double digits.

NCR’s capital structure fell 6 to 13 points on the news.

Medline Industries’ secured and unsecured notes were weaker in heavy volume.

And Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) were once again under water with the notes falling back to a 99-handle after trading on a 102-handle on Monday.

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