Cable & Wireless, Resideo, Intertape price; Covanta weakens; LBO deals drop

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 4 – The domestic primary market was active on Thursday with three deals pricing. However, the forward calendar is thin.

Cable & Wireless Communications Ltd. priced a $500 million issue of eight-year senior notes (B2/BB-/BB-) at par to yield 7½%.

Resideo Funding Inc. priced $400 million of eight-year senior notes (B1/BB+) at par to yield 6 1/8%.

Intertape Polymer Group Inc. priced $250 million of eight-year senior notes (B2/B+) at par to yield 7%.

W&T Offshore, Inc. has been roadshowing a $625 million offering of five-year second-lien notes (B3/B) with pricing expected Friday, although there have been no recent updates about the deal.

The new paper from Cable & Wireless was in focus in the secondary space with the notes making large gains after breaking for trade.

However, Covanta Holding Corp.’s newly priced 6% senior notes due Jan. 1, 2027 (B1/B) were not faring as well with the notes lagging their issue price in secondary trading.

The bonds from two recent LBO deals were active during Thursday’s session and continuing to lose ground.

Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Caa1/B-) continued to see high-volume activity with the notes again trading lower, as they have for much of the week.

Refinitiv’s 8¼% senior notes due 2026 (Caa2/B-/B+) saw another burst of activity on Thursday with the notes continuing their downward trend.

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