Global Aircraft, Nesco price; Trivium up again; Sprint’s upward momentum continues

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 26 – The high-yield primary market rounded out an active week with two deals pricing.

Global Aircraft Leasing Co., Ltd. priced an upsized $1.55 billion issue of five-year cash contingent senior PIK toggle notes (Ba2) at par to yield 6½%.

Nesco Holdings I, Inc. and Investment Corp. IV priced a $475 million issue of five-year senior secured second-lien notes at par to yield 10%.

While the calendar is thin and new issue activity is expected to remain light due to an earnings season blackout, some deals remain on the horizon.

Advisor Group Inc. remains in the market with its $400 million offering of eight-year notes (Caa1/B-).

Dubai-based private education provider GEMS Education is also expected to price an $800 million equivalent of seven-year senior secured notes (B2/B/B+) in the coming week.

Meanwhile, the secondary space ended the week on strong footing.

Trivium Packaging Finance BV’s recently priced secured and unsecured tranche continued to skyrocket in secondary trading with the notes now 3 and 6 points above their issue price respectively.

Sprint Corp.’s junk bonds were again in focus with the capital structure continuing to improve after the U.S. Department of Justice gave its official nod of approval to the telecom’s merger with T-Mobile.

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