WillScot, Axalta price, Virgin Media expected to; Wesco in focus; Ford, Macy’s gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 1 – The domestic high-yield primary market launched the new month with decent activity with three issuers tapping the market.

WillScot Corp. priced an upsized $650 million and Axalta Coating Systems Ltd. priced $500 million in Monday drive-bys.

Virgin Media was expected to price a $675 million issue of 10-year senior notes. However, final terms were unavailable as of press time.

Meanwhile, the secondary space launched the new month on firm footing with the market continuing to grind tighter.

With a huge influx of cash, there was a lot of buying activity from exchange-traded funds, which was pushing the market higher, a source said.

Recent issues continued to dominate trading activity.

Wesco Distribution Inc.’s two tranches of senior notes (B2/BB-/BB-) were in focus and holding onto their large premium during Monday’s session.

Macy's Inc.’s recently priced 8 3/8% senior notes due 2025 (Ba1/BB-/BB+) were again on the rise.

Ford Motor Co.’s senior notes also continued to log gains.

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