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Hilton, Silversea upsize; junk market strong; Sprint up on merger news; Tenneco down
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 10 – The primary market saw $1.57 billion in two deals price on Tuesday. In a deal that was upsized by $1 billion, Hilton Worldwide Holdings, Inc. priced a $1.5 billion issue of eight-year senior notes (Ba2/BB+) at par to yield 5 1/8%.
In a much smaller amount, Silversea Cruise Holding Ltd. priced an upsized $70 million add-on to the Silversea Cruise Finance 7¼% senior secured notes due Feb. 1, 2025 (B2/expected BB-) at 104.50 to yield 6.148% in a drive-by.
While the primary market prepared new paper, the secondary space was strong on Tuesday with the uptick in equity markets.
Bids were coming in higher and most bonds were seen trading up ¼ to ½ point, a market source said.
Recent deals from Tronox Inc., Charles River Laboratories International Inc., McDermott International Inc., American Greetings Corp. and Targa Resources Partners LP were all quoted slightly higher on Tuesday.
California Resources Corp.’s 8% senior secured second-lien notes due 2022 were up about 1 point as the energy sector firmed.
However, Sprint Corp.’s junk bonds were the major gainers of the day, surging 3 points after Sprint and T-Mobile reinitiated a merger.
While most of the market was up, Tenneco Inc.’s 5 3/8% senior notes due 2024 (Ba2/BB) were quoted down 1 point after news broke the automotive components maker would purchase Federal-Mogul LLC.
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