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Altice, Twin River price; VistaJet, PPD on tap; EG Group, CDK trade up; CRC rebounds
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 3 – The high-yield primary market rounded out an active week with several deals pricing on Friday and more joining the forward calendar.
Altice Luxembourg SA priced €2.8 billion equivalent of eight-year senior notes (Caa1/B-) in two tranches.
Twin River Worldwide Holdings, Inc. priced an upsized $400 million issue of eight-year senior notes (B3/B) at par to yield 6¾%.
The May 6 week also promises to be an active one with VistaJet Malta Finance plc planning to market a $525 million offering of five-year senior notes and Pharmaceutical Product Development, LLC (PPD) expected to kick off a $900 million offering of unsecured notes.
Meanwhile, the secondary space closed out the week on firm footing with new paper and earnings-related news continuing to drive trading activity.
EG Group’s newly priced 6¾% senior notes due 2025 and CDK Global, Inc.’s 5¼% senior notes due 2029 were both trading at a premium to their issue price.
After taking a hit on plummeting crude oil futures on Thursday, California Resources Corp.’s 8% senior notes due 2022 rebounded following a first-quarter earnings beat.
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