Starwood prices; Ciena, Golden Nugget on tap; ZipRecruiter outperforms

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 10 – Starwood Property Trust, Inc. priced Monday's sole deal, a $500 million issue of 4 3/8% five-year senior sustainability-linked bullet notes (Ba3//BB+) that came at par, in the middle of talk.

The deal was heard to be playing to $1.2 billion of demand at 1 p.m. ET Monday, according to a trader who added that at least a portion of it was in the form of limit orders at 4½%.

Just two issuers have deals on the active forward calendar.

As things stood at Monday's close the week's megadeal figures to be from Fertitta Entertainment, LLC, formerly known as Golden Nugget, LLC.

The Las Vegas entertainment and hospitality company is selling $3.7 billion of notes: $1.85 billion of seven-year senior secured first lien notes with initial guidance in the 4½% area and $1.85 billion of eight-year senior unsecured notes with initial guidance in the 6¼% area.

Also Ciena Corp. began a brief roadshow on Monday for a $400 million offering of five-year senior notes (Ba1/BB), initially guided to yield 4¼% to 4 3/8%.

Meanwhile, volatility continued to roil the secondary space with the cash bond market opening the day down 1/8 point but closing the day largely unchanged.

While the majority of deals that hit the secondary space last week have struggled below par, ZipRecruiter Inc.’s 5% senior notes due 2030 (B2/BB-/BB-) were not among them. The notes continued to post gains after a strong break, trading up to a 101-handle in high-volume activity.

© 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.