Enviva, Garda add-on; Occidental notes in focus, improve; Spectrum at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 29 – The domestic high-yield primary market saw a slow start to the week with two small add-on deals clearing the market on Monday.

The final days of June promise to be quiet after a record $50 billion plus in issuance.

Enviva Partners, LP and Enviva Partners Finance Corp. priced a $150 million add-on to their 6½% senior notes due Jan. 15, 2026 (existing unsecured ratings B1/B+/BB-).

And Garda World Security Corp. priced a $120 million add-on to its 4 5/8% senior secured notes due Feb. 15, 2027 (B1/B).

With the domestic high-yield primary market expected to be subdued during the truncated holiday week, the European primary market was in focus.

Germany-based thyssenkrupp Elevator is on deck with a €4.05 billion equivalent five-part offering and Austrian sensor manufacturer ams AG plans to price its €1 billion equivalent two-part offering on Tuesday.

Meanwhile, it was a quiet Monday in the secondary space with the market again soft despite a rally in equities, a source said.

Occidental Petroleum Corp.’s three tranches of senior notes (Ba2/BB+/BB) were in focus on Monday.

While the notes improved after a weak break on Friday, they were still flat to lagging their issue price.

Spectrum Brands Inc.’s newly priced 5½% senior notes due 2030 (Ba2/B/BB) were holding onto their premium in the secondary space.

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