Multi-Color, Grubhub on tap; Neiman Marcus, GCI price; Teva in focus, gains; Altice up

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 3 – While volatility sidelined the domestic high-yield primary market last week as May came to an end, there was an uptick of activity on Monday.

Neiman Marcus Group priced its $550 million issue of second lien secured notes due April 25, 2024 (Ca/CCC) at 97.00 to yield 14.902% on Monday.

General Communications Inc., issuing as GCI, LLC, priced an upsized $325 million issue of five-year senior notes (B3/B) at par to yield 6 5/8% in a Monday drive-by.

Three deals also joined the forward calendar.

Multi-Color Corp. began marketing a $1.39 billion two-part offering of high-yield notes.

Grubhub Inc. started a roadshow for a $400 million offering of eight-year senior notes (Ba3/BB).

Petroleum Geo-Services, issuing as PGS ASA, plans to conduct a global roadshow for a $150 million offering of senior secured notes due January 2025 (Caa2/CCC+/CCC+).

Meanwhile, the secondary space saw another volatile day with the market “up, down and sidewise,” alongside equities, a source said.

However, some names did see marked improvement.

Teva Pharmaceutical Industries Ltd.’s junk bonds pared their losses on Monday with the notes better bid with a large buyer in the market.

Altice Luxembourg SA’s junk bonds were active and slightly improved as France prepares to auction off 5G airwaves.

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