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Primary prices $6.2 billion in drive-by action; Ardonagh holds premium; Amer Sports softer
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 12 – The high-yield new issue market saw its biggest day in nearly three years on Monday as four issuers brought five tranches, pricing an overall total of $6.2 billion.
All of that business came quick-to-market.
TransDigm Inc. priced $4.4 billion of first-lien senior secured notes (Ba3/B+) in two tranches.
AmWINS Group, Inc. priced a $750 million issue of five-year senior secured notes (Ba3/B+) at par to yield 6 3/8%.
Sally Beauty Supply LLC priced a $600 issue of Sally Holdings LLC and Sally Capital Inc. eight-year senior notes (Ba2/BB-) at par to yield 6¾%.
And CNX Resources Corp. priced a $400 million issue of eight-year senior notes (B1/BB/BB+) at par to yield 7¼%.
While markets remain focused on rates, new paper was once again dominating activity in the secondary space with the deals to clear the primary last Friday putting in solid performances.
Amer Sports Co.’s new 6¾% senior secured notes due 2031 (B1/BB) were softer in heavy volume on Monday although they were still trading at a large premium to their issue price after jumping on the break.
Ardonagh Group’s dollar-denominated tranches of senior notes also came in from the heights reached on the break although they continued to trade with a modest premium.
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