CDK prices, trades up; forward calendar builds; Cimpress trading ‘not so hot’; PetSmart gains

By Abigail W. Adams

Portland, Me., June 4 – After a sluggish week last week, the domestic and European high-yield primary market was in high gear on Monday with one dollar-denominated issue pricing and several more joining the forward calendar.

CDK Global, Inc. priced $500 million of eight-year senior notes (Ba1/BB+) at par to yield 5 7/8% in a drive-by sale on Monday.

The new notes were major volume movers in the secondary space after breaking for trade and were seen up about 1 point.

Shelf Drilling Holdings, Ltd. launched a $300 million add-on to its 8¼% senior notes due Feb. 15, 2025.

Albertsons Cos., Inc. will begin a roadshow on Tuesday for a $500 million offering of 5.5-year senior secured floating rate notes.

Aleris International, Inc. launched a $400 million offering of five-year senior secured junior priority notes.

Frontera Energy Corp. will begin a roadshow for a $500 million offering of five-year senior notes on Tuesday.

Matterhorn Telecom SA began a roadshow on Monday for a CHF 2.09 billion equivalent offering of senior secured notes in four tranches (expected B2/B+), which will include a dollar-denominated tranche.

Meanwhile, Cimpress NV’s recently priced 7% senior notes due 2026 had a lackluster performance in the secondary space with the notes seen hovering around their issue price.

PetSmart Inc.’s junk bonds were in focus and on the rebound on Monday after the company’s asset transfer of Chewy.com was less than expected.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.