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Ardagh, GEMS price; Advisor on deck; Select Medical gains; McDermott, DISH drop
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 30 – While European fixed income markets were under pressure, two deals with tight pricing cleared during Tuesday’s session.
Ardagh Group SA priced approximately $1.79 billion equivalent of notes in three tranches.
And Iqvia Inc. priced a €720 million issue of senior notes due Jan. 15, 2028 at par to yield 2¼%.
ContourGlobal plc also priced a €100 million add-on to the ContourGlobal Power Holdings SA 4 1/8% senior secured notes due 2025 at 106.
And Advisor Group Inc. set official price talk in a downsized $350 million offering of eight-year senior notes (Caa1/B-) with pricing expected on Wednesday.
In the secondary, new paper was again in focus with Ardagh’s dollar-denominated tranches wrapped around their issue price.
Select Medical Corp.’s 6¼% senior notes due 2026 (B3/B-) continued to post gains on Tuesday after a strong start out of the gate.
Outside of the new paper, McDermott International, Inc.’s 10 5/8% senior notes due 2024 dropped in high-volume activity on Tuesday after a second-quarter earnings miss and weak forward guidance.
DISH Network Corp.’s 7¾% senior notes due 2026 gave back nearly all of their recent gains with the notes again dropping below par following its earnings report.
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