Graham Holdings, Atotech on tap; Ithaca Energy, JW Aluminum delayed; EP Energy dominates

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 21 – The high-yield primary market was quiet on Monday with no new deals pricing on the day.

Ithaca Energy (North Sea) plc’s $350 million offering of five-year senior notes (Caa1/CC+) and JW Aluminum Continuous Cast Co.’s $285 million offering of eight-year senior notes (B3/B-), which were expected on Friday, still have yet to price.

However, the active forward calendar is filling in.

Graham Holdings Co. is on the road with a $400 million offering of eight-year senior notes (expected ratings B1/BB+) and is expected to price on Wednesday.

Atotech BV plans to price a $300 million offering of five-year senior PIK toggle notes at the end of a roadshow expected to run through the May 21 week.

In the euro-denominated market, Chemours Co. expects to price €450 million of eight-year senior notes (expected ratings Ba3/BB-) on Tuesday.

Meanwhile, EP Energy Corp.’s new 7¾% senior notes due 2026 (B1/B) dominated activity in the secondary market with the notes trading almost 2 points above their issue price.

EP Energy’s outstanding 8% senior notes due 2025 were also active and making gains in secondary trading.

Valeant Pharmaceuticals International, Inc.’s recently priced 8½% senior notes due Jan. 31, 2027 (Caa1/B-/B-) remained strong in active trading in the secondary space.

BWX Technologies, Inc.’s recently priced 5 3/8% senior notes due 2026 were also firm in active secondary trading.

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