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Freedom Mortgage, Viasat on tap; Power Solutions in focus; EP Energy drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 19 – While no deals priced during Tuesday’s session, the domestic high-yield primary market’s calendar continued to grow.
Viasat, Inc. plans to price $500 million of eight-year senior notes with talk in the 5¾% area.
Freedom Mortgage Corp. is slated to price a $350 million offering of five-year senior notes (B2/B-) on Wednesday with initial price talk in the high 10% area.
The new deals join ADT Corp., Kosmos Energy Ltd. and Nexeo Solutions, Inc. (Neon Holdings, Inc.) on the forward calendar with all deals scheduled to clear the market by the week’s end.
In the European market, Sweden's DDM Holding AG mandated banks to arrange investor meetings with a possible euro-denominated offering to follow.
Meanwhile, Power Solutions’ dollar-denominated tranches continued to dominate activity in the secondary space with the notes again seeing minor improvement after skyrocketing out of the gate on Monday.
While Freedom Mortgage’s new offering was in the works, its outstanding 8¼% senior notes due 2025 were trading down.
EP Energy Corp.’s junk bonds continued their downward spiral on Tuesday after the company announced liquidity issues may prevent it from being able to meet its obligations on its notes due May 2020.
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