Advisor Group, Global Aircraft on tap; Citgo, Midcontinent Communications gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 25 – While new issue activity is expected to peter out as the market moves further into earnings season, Friday promised to be a busy session with three deals expected to clear the forward calendar.

Global Aircraft Leasing Co., Ltd. began marketing a $1.5 billion offering of five-year cash contingent PIK toggle notes (expected Ba2) with pricing expected on Friday.

Advisor Group Inc.’s $400 million offering of eight-year notes (Caa1/B-) and Nesco Holdings I, Inc./Capital Investment Corp. IV $475 million offering of five-year second-lien notes are also expected to price on Friday.

Meanwhile, new paper remained in focus in the secondary space with the deals to price during Thursday’s session putting in strong performances.

Citgo Holding, Inc.’s 9¼% senior notes due 2024 (Caa1/B/B+) skyrocketed in the aftermarket with the notes more than 3 points above their issue price.

Midcontinent Communications and Midcontinent Finance Corp.’s 5 3/8% senior notes due 2027 (B3/B) also continued to gain on Thursday after a strong start out of the gate.

While not as strong as the other deals to price during Wednesday’s session, Global Partners LP’s 7% senior notes due 2027 (B2/B+) held onto their premium in active trading on Thursday.

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