CIT Group, Frontdoor, Denbury, Qorvo, Cogent price; Starwood on tap; Curo lags

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 14 – The domestic primary market saw another day of vigorous new issue activity on Tuesday with $1.5 billion pricing over five deals and one more on deck for Wednesday.

In drive-by action, CIT Group Inc. priced a $500 million issue of long five-year senior notes (existing ratings Ba2/BB), and Denbury Resources Inc. priced an upsized $450 million issue of 5.5-year senior secured second-lien notes (B3/B+).

Qorvo, Inc. priced an upsized $130 million add-on to its 5½% senior notes due July 15, 2026 (Ba1/BB+), and Cogent Communications Group, Inc. priced a $70 million add-on to its 5 3/8% senior secured bullet notes due March 1, 2022 (Ba3/B+).

At the conclusion of what may be August’s final roadshow, Frontdoor, Inc. priced a $350 million issue of eight-year senior notes (B2/B-).

The new deal activity will continue into Wednesday with Starwood Property Trust, Inc. planning to price a $300 million offering of five-year senior bullet notes.

Meanwhile, the new paper from Frontdoor dominated secondary market activity with the notes trading up 2 points. However, the new paper to hit the space on Monday did not fare so well.

CURO Group Holdings Corp.’s newly priced 8¼% senior notes due 2025 lagged their issue price by up to 1½ points during Tuesday’s session but rebounded to close the day at par.

Masonite International Corp.’s newly priced 5¾% senior notes due 2026 were stuck at their issue price in active trading on Tuesday.

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