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Enova, Credit Acceptance, Crescent price; XPO on HY deck; Kinetik flat; NextEra, Hannon up
By Abigail W. Adams
Portland, Me., Dec. 5 – The domestic high-yield bond primary market had another active session with three deals pricing – two of which came on accelerated timelines.
Credit Acceptance Corp. priced an upsized $600 million of five-year senior notes (Ba3/BB), Enova International Inc. priced $400 million of five-year senior notes (B2/B-), and Crescent Energy Co. priced a $150 million add-on to Crescent Energy Finance LLC’s 9¼% senior notes due Feb. 15, 2028 (B1/BB-/BB-).
The forward calendar also continued to grow with XPO Inc. planning to price a $585 million offering of eight-year senior notes (Ba3/BB-/BB+) before the end of the week.
The deals continued to play to strong demand with timing for Credit Acceptance and Enova accelerated.
While a low open, the cash bond market quickly bounced back and closed the day with an 1/8 to ¼ point gain, sources said.
HAT Holdings I LLC and HAT Holdings II LLC’s new 8% green senior notes due 2027 (Baa3/BB+/BB+) and NextEra Energy Operating Partners, LP’s new 7¼% senior notes due 2029 (Ba1/BB/BB+) continued to add after strong breaks.
However, Kinetik Holdings LP’s 6 5/8% sustainability-linked notes due 2028 (Ba1/BB+/BB+) were unchanged on the day with the notes still wrapped around their issue price.
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