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Nexstar, Avis, Norbord price; Hexion, Michaels, Alpha Auto, Avon add-on on tap
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 19 – The domestic high-yield primary market saw another active session on Wednesday with three deals pricing.
Nexstar Broadcasting, Inc. priced a $1.12 billion issue of eight-year senior notes (B3/B) at par to yield 5 5/8%.
Avis Budget Group, Inc. priced a $400 million issue of eight-year senior notes (B1/BB) at par to yield 5¾%.
Norbord Inc. priced a $350 million issue of eight-year senior secured notes (Ba1/BB+) at par to yield 5¾%.
The forward calendar also grew with Hexion Inc. starting a roadshow for a $450 million offering of eight-year senior notes (Ba3/B-) with pricing expected in the June 24 week.
Avon Products, Inc. plans to price a $350 million add-on to its 7 7/8% senior secured notes due 2022.
Michaels Stores, Inc.’s $500 million offering of eight-year senior notes (B1/B) and Alpha Auto Group’s $225 million offering of five-year notes are expected to clear the market prior to the week’s close.
The euro-denominated high-yield market also saw activity with Washington, D.C.-based Cogent Communications Holdings Inc. in the market with a €135 million offering of five-year senior notes (B3/B-).
Meanwhile, the secondary space was “off to the races,” following Federal Reserve Chairman Jerome Powell’s press conference. New paper was the focus of trading activity.
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