Norwegian Cruise, Avis price with discounts; Compass adds-on; Kraft Heinz in focus

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 5 – The high-yield new issue market remained active on Tuesday with three deals pricing and one more joining the forward calendar.

Norwegian Cruise Line (NCL Corp. Ltd.) priced an upsized $675 million issue, and Avis Budget Car Rental, LLC priced an upsized $500 million issue at discounts.

Compass Group Diversified Holdings LLC priced a $200 million add-on to its 8% senior notes due May 1, 2026 (B1/B).

And PowerTeam Services, LLC joined the forward calendar with a $587 million offering of senior secured notes due December 2025.

Meanwhile, it was a strong day for the secondary space with equities rallying for the second straight session and crude oil futures surging.

Kraft Heinz Foods Co.’s three tranches of senior notes (Baa3/BB+) were in focus. While each tranche was trading at a premium, the 30-year tranche outperformed.

NFP Corp.’s newly priced 7% senior notes due 2025 (B2/B) were also putting in a strong performance in the aftermarket.

Meanwhile, Occidental Petroleum Corp.’s capital structure was making gains on Tuesday in the run up to the company’s first quarter earnings report.

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