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TopBuild upsizes; Drax on tap; Hilton dominates; energy sector outperforms; HCA active
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 11 – The high-yield primary market saw one new deal price on Wednesday with another on tap for Thursday and the calendar for dual-currency and euro-denominated deals filling up.
TopBuild Corp. priced an upsized $400 million issue of eight-year senior notes (B1/BB-) at par to yield 5 5/8% on Wednesday.
Drax Group Co. talked its $300 million offering of senior secured notes due November 2025 (BB+/BB+) to yield in the 6¾% area with pricing expected on Thursday.
Novafives SAS also plans to price its euro-denominated to tranche offering on Thursday with offerings from Vallourec, Piaggio and Aurum also on the calendar.
Meanwhile, Hilton Worldwide Holdings, Inc.’s newly priced 5 1/8% senior notes due 2026 (Ba2/BB+) dominated trading activity in the secondary market with the notes seen trading up.
While some sources said the deal was priced rich, others felt it was fair.
While few bonds traded, Silversea Cruise Holding Ltd.’s upsized $70 million add-on to the Silversea Cruise Finance 7¼% senior secured notes due Feb. 1, 2025 (B2/expected BB-) also traded well above their issue price.
With the price of crude oil at its highest since December 2014, California Resources Corp.’s 8% senior secured second-lien notes due 2022 were again up alongside other names in the energy sector on Wednesday.
HCA Holdings, Inc.’s 6½% senior secured first-lien notes due 2020 were active on Wednesday with buyers interested in the short duration of the bonds, a market source said.
Sprint Corp.’s junk bonds remained active in the secondary market on Wednesday with the longer duration notes continuing to see gains on news of renewed merger talks with T-Mobile.
Tenneco Inc.’s 5% senior notes due 2026 were down 2¼-point and 5 3/8% senior notes due 2024 (Ba2/BB) were down 1 point on news of its buyout of Federal-Mogul LLC.
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