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Hilton prices; Harsco, Aker BP on tap; Dish gains; Comstock jumps, Covey Park tanks
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 10 – The high-yield primary market launched the week at an active pace with one large drive-by deal pricing and two more joining the forward calendar.
Hilton Domestic Operating Co. Inc., an indirect subsidiary of Hilton Worldwide Holdings Inc., priced an upsized $1 billion issue of senior notes due Jan. 15, 2030 (Ba2/BB+) at par to yield 4 7/8% in a quick-to-market Monday trade.
Harsco Corp. started a roadshow for a $500 million offering of eight-year senior notes.
And Aker BP ASA joined the forward calendar with a $500 million offering of five-year senior notes (expected ratings Ba1/BB+/BBB-) with pricing expected on Wednesday.
Meanwhile, the secondary space continued its upward momentum on Monday as markets rallied following an easing of trade tensions between Mexico and the United States.
Dish Network Corp.’s junk bonds were active and making gains amid speculation of a merger with AT&T’s DirecTV.
Comstock Resources, Inc.’s 9¾% senior notes due 2026 skyrocketed and Covey Park Energy LLC’s 7½% senior notes due 2025 tanked following news Comstock would acquire Covey Park in a deal valued at $2.2 billion.
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