Published on 4/17/2023 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily, Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily, Prospect News Investment Grade Daily and Prospect News Private Placement Daily.
Lindblad drives-by; Kedrion on deck; Cengage jumps; Cleveland-Cliffs falls
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 17 – The domestic high-yield primary market saw one deal price and one more join the forward calendar on Monday.
Lindblad Expeditions Holdings, Inc. was Monday's sole junk bond issuer, as it priced $275 million of five-year senior secured notes (B3/B) in a drive-by.
| Italy-based | Kedrion Biopharma | began marketing a $790 million offering of | Kevlar SpA | 6½% senior secured notes due Sept. 1, 2029 (B3/B) with pricing expected later in the week.
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| The European primary market was also active with CABB Group launching a €670 million two-tranche offering of | Monitchem Holdco 3 SA | five-year senior secured notes (B3/B) and | Grunenthal GmbH | beginning a two-day roadshow for a €300 million offering of seven-year senior secured notes (B1/BB-/BB+).
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| Meanwhile, it was a quiet day in the secondary space with the cash bond market either side of unchanged.
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| Baytex Energy Corp.’s 8½% senior notes due 2030 (B1/BB-/BB-) were slightly weaker in active trade although the notes continued to trade with a strong premium to their discounted issue price.
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| Cleveland-Cliffs Inc.’s recently priced 6¾% senior guaranteed notes due 2030 (Ba3/BB-/BB-) saw heavy selling pressure on Monday with the notes breaking below a 98-handle.
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