DCP Midstream adds on; Energizer roadshow; First Data up on buyout; Adient, WeWork drop

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 16 – The high-yield primary market returned to action on Wednesday with one drive-by add-on pricing and two more deals in the market.

DCP Midstream Operating LP became 2019's second issuer by pricing an upsized $325 million add-on to its 5 3/8% senior bullet notes due July 15, 2025 (Ba2/BB/BB+) in a Wednesday drive-by.

Energizer Holdings, Inc. began a two-day roadshow in New York for a $600 million offering of eight-year senior notes (B2/B+).

Additionally, Acrisure LLC and Acrisure Finance Inc. plan to price a $500 million offering of senior secured notes due 2024 (B3/B) on Friday.

Meanwhile, the secondary space was again making gains on Wednesday although all eyes were on the long-awaited new deals in the pipeline.

First Data Corp.’s junk bonds were trading sharply higher on news the company would be acquired by Fiserv in an all-stock transaction.

Adient plc’s 4 7/8% senior notes due 2026 were trading down after the company released preliminary first quarter earnings.

WeWork Cos. Inc.’s 7 7/8% senior notes due 2025 dropped after news broke the CEO had leased property he owned to the company.

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