United Rentals, Valvoline, Block Communications price; L Brands jumps; Southwestern Energy sinks

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 10 – The domestic high-yield primary market launched the week with an active session.

Three drive-by deals priced and several more joined the forward calendar.

United Rentals (North America), Inc. priced a $750 million issue of 10.5-year senior notes (Ba3/BB-).

Valvoline Inc. priced an upsized $600 million issue of 10-year senior notes (Ba3/BB).

And Block Communications, Inc. priced a $300 million issue of eight-year senior notes (B1/B+).

The forward calendar swelled on Monday with Buckeye Partners LP, APX Group, Inc., Cimpress plc, Hecla Mining Co. and Zayo Group Holdings Inc. prepping offerings.

Zayo’s deal is expected to be a $3.15 billion megadeal.

Meanwhile, the secondary space saw another sideways day on Monday although losses continued to mount for the energy index.

New deals remained in focus although topical news put the spotlight on several other outstanding issues.

Centene Corp.’s recently priced 3 3/8% senior notes due 2030 (Ba1/BBB-/BB+) remained active with the notes making nominal gains after largely falling flat in secondary activity.

L Brands, Inc.’s junk bonds jumped on news of the imminent sale of its Victoria’s Secret brand.

Southwestern Energy Co.’s capital structure was under pressure Monday as natural gas futures hit a four-year low.

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