Cleveland-Cliffs, Hannon Armstrong, Six Flags price; Energizer adds-on

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 15 – The domestic high-yield primary market remained active on Wednesday with four drive-by deals pricing.

Six Flags Theme Parks Inc. priced an upsized $725 million of five-year senior secured notes (Ba2/BB-).

Cleveland-Cliffs Inc. priced a $400 million issue of 9 7/8% senior secured notes due Oct. 17, 2025 (Ba3/B+) at a discount.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. priced a $400 million issue of five-year senior notes (/BB+/BB+).

And Energizer Holdings, Inc. priced an upsized $250 million add-on to its 6 3/8% senior notes due July 15, 2026 (B2/B+).

Meanwhile, it was a soft day for the secondary space with equities in the red and WTI crude oil futures again dipping below $20 a barrel in intraday trading.

Despite the weakness in the market, the new issues continued to perform well in active trading.

While the notes were coming off their highs, Spirit AeroSystems, Inc.’s 7½% senior notes due 2025 (Ba2/BB-) continued to trade at a steep premium in high-volume activity.

Sabre GLBL Inc.’s newly priced 9¼% senior notes due 2025 (Ba3/B+) were also coming in after skyrocketing in the aftermarket.

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