Enterprise Development, goeasy price; Intelsat jumps; funds add $1.852 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 12 – New deals in the domestic and European primary market continued to trickle in on Thursday.

After three weeks in the market, Enterprise Development Authority priced an upsized $450 million issue of 12% senior secured notes due July 15, 2024 (B3/B-) at 97.00 to yield 12.729%.

In drive-by action, goeasy Ltd. priced a $150 million add-on to its 7 7/8% senior notes due Nov. 1, 2022 (Ba3/BB-) at 105.00.

In the European primary, OTE plc priced an upsized €400 million issue of 2 3/8% four-year senior notes at 99.718 to yield 2.45%.

Kongsberg Automotive ASA priced a €275 million issue of seven-year senior secured notes due 2025 (Ba3/B+) at par to yield 5%.

Many of the deals to price over the past week drifted out of focus on Thursday.

However, Transocean Pontus Ltd.’s newly priced 6 1/8% senior notes due 2025 (B1/BB-) and Qorvo, Inc.’s 5˝% senior notes due 2026 were both seen slightly improved in limited trading activity.

Intelsat Luxembourg SA’s junk bonds were in focus and making large gains after the Federal Communications Commission unanimously approved the company’s proposal to open the C-band to 5G signals.

In a reversal of a three-week trend of outflows, dedicated high-yield bond funds saw $1.852 billion of aggregate inflows during the week to the Wednesday's close, according to the Lipper US Fund Flows weekly report.

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