TransDigm again taps market; Dun & Bradstreet prices; Colfax dominates; Weatherford jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 1 – The high-yield primary market maintained its brisk pace in the first session of February with two issuers pricing $2.2 billion over four tranches.

Dun & Bradstreet Corp. priced an upsized $1.45 billion of notes in two tranches.

TransDigm Inc. returned to the market on Friday for the second time in a week to price a $200 million tap on their secured notes and issue $550 million of subordinated notes.

The coming week also promises to be active with CommScope Inc. slated to price its $3 billion three-tranche offering.

The European high-yield primary market also saw some action with Parts Europe SA pricing a €175 million non-fungible add-on to its senior secured floating-rate notes due May 1, 2022 (B3/B).

Meanwhile, the secondary space rounded out a strong week on firm footing with the market continuing its upward momentum.

Colfax Corp.’s newly priced 6% senior notes due 2024 and 6 3/8% senior notes due 2026 (Ba2/BB+) dominated activity in the secondary space with both notes trading sharply above their issue price.

TransDigm’s 6¼% senior notes due 2026 were trading down after the company’s add-on. The additional unsecured tranche continued to put pressure on TransDigm’s outstanding junk bonds.

The company’s 6 3/8% subordinated unsecured notes due 2026 continued to trade down in high-volume activity.

Weatherford International plc’s capital structure saw large gains on Friday with its junk bonds rising 3 to 6 points following the company’s fourth-quarter earnings report.

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