Triton Water, Nesco, Trinseo price; secondary volatile; Ferrellgas under pressure; T-Mobile flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 17 – The domestic high-yield primary market saw three deals price on Wednesday.

Nesco Holdings II, Inc. priced a $920 million issue of eight-year second-lien notes (B3/B); Triton Water priced an upsized $770 million issue (from $670 million) of eight-year senior notes (Caa1/CCC+); and Trinseo Materials Operating SCA priced a $450 million issue of eight-year senior notes (B2/B).

Moving away from the primary, the broader secondary market was volatile, however T-Mobile US Inc.’s three tranches of senior notes (Ba3/BB) were not. The notes were flat at their issue price for the majority of the session.

However, T-Mobile’s five-year paper outperformed the other tranches and closed the day with a slight premium.

Ferrellgas, LP’s two tranches of senior notes (B3/B-) were under pressure in the secondary space.

While the notes were trading off their lows heading into the close, they were still both well below their issue prices.

However, Yum! Brands, Inc.’s 4 5/8% senior notes due 2032 (B1/BB-) and International Game Technology plc’s 4 1/8% senior secured notes due 2026 (existing ratings Ba3/BB) held on to their premiums during Wednesday’s session.

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