Seagate, WernerCo join junk calendar; Solenis upsizes, sets talk; Amerigas weakens

By Abigail W. Adams

Portland, Me., May 23 – The domestic high-yield primary market saw no deals price during Tuesday’s session.

However, dealers promised a backloaded week with two more deals joining the forward calendar.

Seagate HDD Cayman began marketing a $1 billion two-tranche offering of long six-year and eight-year senior notes (existing Ba3/BB/BB+) with pricing expected before the week draws to a close.

In a unique transaction, WernerCo subsidiaries Werner FinCo LP and Werner FinCo, Inc. announced a $400 million offering of five-year senior secured first-lien notes (Caa1/B-) alongside an exchange offer and consent solicitations.

While no deals priced on Tuesday, Wednesday promises to be active with Olympus Water US Holding Corp.’s (Solenis) upsized $2.375 billion equivalent two-tranche offering of long five-year senior secured notes (B3/B-) to back the acquisition of Diversey Holdings Ltd. on deck.

Meanwhile, AmeriGas Partners LP and AmeriGas Finance Corp.’s 9 3/8% senior notes due 2028 (B1//BB-) were weaker in active trade with the notes closing the day on a 99-handle.

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