Flora Food upsizes; WeWork, Jagged Peak price; American Tire continues to tank

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 25 – The European and domestic primary market remained active on Wednesday with the dollar-denominated calendar for the April 23 week cleared with four deals pricing.

Flora Food Group priced an upsized €1.1 billion equivalent two-part offering of eight-year senior notes (B3/expected B-/expected B-). The dollar-denominated tranche was stuck at par after breaking for trade.

WeWork Cos. Inc. priced an upsized $702 million issue of non-callable seven-year senior notes (S&P: B+/Fitch: BB-) at par to yield 7 7/8% on Wednesday. The notes were seen trading at par ¼ after breaking late in the afternoon.

Jagged Peak Energy Inc. priced an upsized $500 million issue of eight-year senior notes (B3/B) at par to yield 5 7/8%.

In the European market, Darling Ingredients Inc. priced a €515 million issue of eight-year senior notes (expected Ba3/confirmed BB+) at par to yield 3 5/8% on Wednesday, according to a market source.

As the primary market priced new paper, the secondary space started Wednesday weak but ended the day on firm footing in lock-step with equities, a market source said.

Netflix, Inc.’s new 5 7/8% senior notes due 2028 (Ba3/B+) remained active in the secondary space with the notes seen trading down slightly.

The downward spiral of American Tire Distributors’ 10¼% senior notes due 2022 continued on Wednesday with the notes losing another 9 points after its distribution relationship with Goodyear Tire & Rubber Co. came to an end.

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