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Williams Scotsman prices; BMC launches roadshow; FS Energy, PGT on tap; Altice in focus
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 31 – The domestic primary market saw one deal price and the forward calendar build on Tuesday with more deals to come before the week draws to a close.
Williams Scotsman International Inc. priced a $300 million issue of five-year senior secured notes (B2/B) at par to yield 6 7/8%. The notes were seen above their issue price after breaking for trade.
In a highly anticipated deal, BMC Software disclosed plans to start a roadshow on Wednesday for a $1,825,000,000 equivalent two-part offering of senior notes (Caa2/CCC+), to be issued in dollar- and euro-denominated tranches.
Before the week draws to a close, FS Energy, LLC plans to price a $500 million offering of five-year senior secured bullet notes (Ba3/BB-), and PGT Innovations, Inc. plans to price a $315 million offering of eight-year senior notes (B3).
Meanwhile, Intrepid Aviation Group Holdings, LLC and Intrepid Finance Co.’s newly priced 8½% senior notes due 2021 continued to see light trading volume in the secondary space, despite the shortage of new paper.
Altice France SA’s recently priced 8 1/8% senior notes due Feb. 1, 2027 (B1/B-) returned to focus with the notes gaining about ¼ point in high-volume trading.
AK Steel Corp.’s junk bonds were under pressure after the company missed analyst expectations in its second-quarter earnings report.
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