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Hanesbrands, TransDigm in focus, hold strong premium; American Airlines below par
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 13 – While the high-grade new-issue market went on a Monday tear, the sound of crickets pervaded the junk bond market, sources said.
Skill Bidco APS’ $765 million equivalent offering of five-year senior secured notes (B/B+) backing the buyout of Scan Global Logistics remains on the calendar with pricing expected over the course of the week.
ADT Inc. and EnerSys also announced redemptions of outstanding issues, raising speculation that they may soon tap the new-issue market.
Meanwhile, the secondary space firmed on Monday following the heaviness in the market last week with the cash bond market adding 1/8 point as the market awaits Tuesday’s release of the Consumer Price Index report.
TransDigm Inc.’s 6¾% senior secured notes due 2028 (Ba3/B+) dominated activity in the secondary space, continuing to trade with a healthy premium.
Hanesbrands, Inc.’s 9% senior notes due 2031 (B1/BB-) held onto the strong gains made at the break, closing near their highs.
Wynn Resorts, Ltd.’s 7 1/8% senior notes due 2031 (B2/B+) shook off last Friday’s weakness, returning to a par-handle in active trade.
However, American Airlines, Inc.’s 7¼% first-lien senior secured notes due 2028 (Ba3/B-) continued to struggle despite and remained on a 99-handle.
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