Arconic, Banijay, Innophos, Griffon price; Charter trades up; Open Text loses steam

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 4 – The domestic high-yield primary market saw another active session on Tuesday with four deals clearing the market.

Arconic Inc. priced an upsized $600 million issue of eight-year second-lien secured notes (Ba3/B+/BB+).

Banijay Group priced a $403 million tranche of secured notes as part of a dual-currency three-tranche offering.

Innophos Holdings Inc. priced a downsized $275 million issue of eight-year senior notes (Caa1/B-).

And Griffon Corp. priced an upsized $850 million issue of eight-year senior notes (B2/B+/B+) in a deal with accelerated timing.

Meanwhile, the secondary space was firm on Tuesday as equity markets continued to recover from the coronavirus.

New paper was again in focus with the two issues to price during Monday’s session topping the volume chart.

Charter Communications Inc.’s 4½% senior notes due 2030 (B1/BB/BB+) were trading at a decent premium in high-volume activity.

While Open Text’s two tranches (Ba2/BB) were initially putting in a strong performance, they weakened as the session progressed.

While the overall secondary space was firm on Tuesday, losses in the energy sector intensified with WTI crude oil futures dropping below $50 a barrel.

EQT Corp.’s recently priced split-rated notes continued to sell-off on Tuesday with the notes now more than 10 points below their issue price.

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