Avalon, Cheniere Energy, Eldorado price; Intelsat lags issue price; funds lose $639 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 6 – The drive-by window was open for business on Thursday with three issuers pricing an aggregate of $2.7 billion, marking the biggest day for new deal volume in nearly a month.

Cheniere Energy Partners, LP priced a $1.1 billion issue of eight-year senior notes (Ba2/BB), Avolon Holdings Ltd. priced an upsized $1 billion issue of five-year senior bullet notes (Ba3/BB) and Eldorado Resorts Inc. priced a $600 million issue of eight-year senior notes (B3/B).

One more issuer also hopped aboard the forward calendar on Thursday. Pacific Drilling SA is planning to have a roadshow for a $700 million offering of five-year senior secured first lien notes through Sept. 13 and to price it thereafter.

The European primary market also saw a flicker of activity with Ei Group plc planning to start a roadshow on Friday for a £150 million offering of 5.5-year senior notes (S&P: expected B).

Meanwhile, the new paper was in focus in the secondary space.

Intelsat Jackson Holdings SA’s newly priced 8½% senior notes due 2024 dominated trading activity in the secondary space, but were lagging their issue price.

High-yield mutual funds and exchange-traded funds saw their first outflow in six weeks with $639 million leaving the space in the week ended Sept. 5, according to fund-flow statistics generated by AMG Data Services Inc.

© 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.