Transocean prices; Berry on tap; VistaJet active; Teva, Commscope under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 15 – The domestic high-yield primary market continued to roll out deals at a steady pace on Wednesday with one deal pricing and a multi-billion dollar deal joining the forward calendar.

Transocean Ltd. priced an upsized $525 million issue of 5 3/8% four-year senior secured notes (B1/B+) at 99.50 to yield 5.516%, in a drive-by.

Berry Global Group, Inc. plans to shop a $3 billion two-part offering of senior secured notes on a conference call with investors on Thursday with pricing expected on Friday.

Meanwhile, the secondary space showed signs of firming on Wednesday while earnings and headline news continued to push some names lower.

VistaJet Malta Finance plc’s newly priced 10½% senior notes due 2024 (B3/B-) were hovering around their issue price in active trading on Wednesday.

CommScope Inc.’s junk bonds continued to trend lower on Wednesday.

The notes have steadily traded down since the communications infrastructure company reported earnings late last week.

Teva Pharmaceutical Industries Ltd.’s junk bonds also remained under pressure after the company was hit with a lawsuit alleging it had engaged in price-fixing.

BWAY Holding Co.’s 7¼% senior notes due 2025 were on the rise after an earnings beat.

© 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.