PolyOne, Arconic price; Kaiser Aluminum adds-on; Ford, Cenovus Energy gain; Hertz sell-off continues

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 29 – The domestic high-yield primary market returned to action on Wednesday with three deals and one add-on pricing in quick-to-market trades.

Arconic Corp. priced an upsized $700 million split-rated issue of five-year first lien secured notes (Ba1/BB+/BBB-).

PolyOne Corp. priced a $650 million issue of five-year senior notes (Ba3/BB-).

Vail Resorts Inc. priced an upsized $600 million issue of five-year senior notes (B2/expected BB).

And Kaiser Aluminum priced a $50 million add-on to its recently priced 6½% senior notes due May 1, 2025 (B1/BB+/BB).

Meanwhile, it was a strong day for the secondary space with equities rallying on a potential treatment for Covid-19 and WTI crude oil futures surging on lower than expected inventories.

Ford Motor Co.’s 8½% senior notes due 2023 and 9% senior notes due 2025 (Ba2/BB+/BBB-) were making gains as investors digested the car company’s first quarter earnings report.

Fellow fallen angel Cenovus Energy Inc.’s 4¼% senior notes due 2027 were among the biggest gainers of Wednesday’s session, despite reporting large losses in its first quarter earnings report.

Meanwhile, Hertz Corp.’s junk bonds continued to sell off after the rental car company announced that it had missed payments on its vehicle operating lease agreement and was in discussion with lenders.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.