Johnson Controls, Digicel on tap; Credit Acceptance, Scientific Games price; Intelsat down

By Abigail W. Adams

Portland, Me., March 5 – The domestic high-yield primary market was in high-gear on Tuesday with $1.5 billion pricing over two deals and two deals totaling $5.25 billion joining the forward calendar.

Credit Acceptance Corp. priced $400 million of seven-year senior notes at par to yield 6 5/8% (existing Ba3/BB) following a brief roadshow.

Scientific Games International Inc. priced $1.1 billion of seven-year senior notes at par to yield 8¼% (existing Caa1/B) in a Tuesday drive-by.

The forward calendar ballooned on Tuesday with some highly anticipated deals surfacing.

Johnson Controls (Power Solutions) will begin a roadshow on Wednesday for a $4.7 billion equivalent three tranche offering of euro- and dollar-denominated senior notes with pricing expected March 15.

Digicel International Finance Ltd. and Digicel Holdings Ltd. plan to price $550 million of five-year first-lien senior secured notes (expected B1//B) on Thursday.

Meanwhile, the secondary space was largely unchanged on Tuesday with all eyes were on the growing calendar of deals.

However, Intelsat SA’s junk bonds were in focus with the capital structure trading down in high-volume activity on mounting political opposition to the 5G wireless proposal from the C-band alliance.

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