New junk paper arrives as add-ons; secondary soft; Iron Mountain in focus; Michaels under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 14 – An active Tuesday high-yield primary session priced a pair of add-on deals, with an overall face amount of $800 million.

Meanwhile, the secondary space was soft on Tuesday with the latest producer price index report fueling inflation fears in the run-up to the Federal Reserve’s highly anticipated Wednesday announcement.

The market was down about ¼ point in anticipation of a much more aggressive wind down of pandemic-era stimulus.

However, trading activity remained light with new and recent deals continuing to dominate the tape.

Iron Mountain Information Management Services, Inc.’s 5% senior notes due 2032 (Ba3/BB-) were in focus. However, the notes were hovering around their issue price in the high-volume activity.

Post Holdings, Inc.’s 5½% senior notes due 2029 (B2/B+) were trading at a premium to their reoffer price in active trading. However, the notes remained below their pre-add-on level.

Outside of recent deals, Michaels Cos., Inc.’s senior notes were under pressure on Tuesday following a disappointing earnings report.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.