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New paper in focus; Darling Ingredients, Surgery Center trade up; MGM, Realogy gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 29 – The domestic high-yield primary market was dormant on Friday with the active forward calendar cleared.
However, sources anticipate Staples, Inc. will surface with its $2,125,000,000 two-tranche offering in the week ahead.
E.W. Scripps and Multi-Color Corp. are also expected to surface with deals in the near-to-intermediate future, sources say.
While the domestic primary market was quiet, the Nordic market saw some action.
Sweden's DDM Holding AG set price talk for its €100 million offering of three-year senior secured floating-rate notes with pricing expected on Monday.
Meanwhile, the secondary space rounded out the week and the quarter on firm footing, despite periods of softness.
Darling Ingredients Inc.’s 5¼% senior notes due 2027 (Ba3/BB+) and Surgery Center Holdings, Inc.’s 10% senior notes due 2027 (Caa2/CCC) put in a strong performance in the secondary space with the notes trading well above their issue price.
MGM Resorts International’s 5½% senior notes due 2027 (existing ratings Ba3/BB-) continued to post gains in high-volume trading.
Realogy Group LLC’s 9 3/8% senior notes due 2027 (B2) also continued to climb after a strong start in the secondary space.
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