Schweitzer-Mauduit, Enova, Carvana on tap; Tesla pares losses; BlueLine up on acquisition

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 10 – While no new deals priced on Monday, the primary market is preparing for an active end to the week with three deals joining the forward calendar.

Schweitzer-Mauduit International, Inc. launched a roadshow on Monday for a $350 million offering of senior notes due 2026, which is expected to price on Friday.

On Tuesday, Carvana Co. plans to start a roadshow for a $300 million offering of five-year senior notes, and Enova International, Inc. plans to start a roadshow for a $375 million offering of seven-year senior notes (S&P: B-). Both deals are expected to price later in the week.

Meanwhile, trading volume was light in the secondary space.

While some of the deals to price last week drifted from focus, Cheniere Energy Partners, LP’s 5 5/8% senior notes due 2026 (Ba2/BB) and Intelsat Jackson Holdings SA’s newly priced 8½% senior notes due 2024 (Caa1/CCC+) remained active in the secondary space.

Cheniere’s 5 5/8% notes improved in active trading while Intelsat’s 8½% notes weakened.

Tesla Inc.’s 5.3% senior notes due 2025 improved in active trading on Monday although the notes remain well below their levels prior to a large drop on Friday.

BlueLine Rental LLC’s 9¼% senior notes due 2024 were making gains in active trading on Monday after news broke the company would be acquired by United Rentals Inc.

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