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Manitowoc carries over; Digicel weakens; Archrock flat; Blackboard skyrockets on sale
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 8 – The one new deal on deck for Friday was carried over to the March 11 week, which promises to be an active one for the domestic high-yield primary market.
Manitowoc Co. Inc. was slated to price its $300 million offering of seven-year senior secured second-lien notes (B2/B) on Friday.
It now joins Johnson Controls (Power Solutions)’s highly anticipated $4.7 billion equivalent three-part deal and Target Hospitality (Arrow BidCo, LLC)’s $340 million offering of five-year senior secured notes on the calendar for the March 11 week.
Meanwhile, trading volume was again light in the secondary.
Digicel International Finance Ltd.’s newly priced 8¾% senior notes due 2024 (B1/B) were slightly weaker on Friday after making large gains in the previous session.
Archrock, Inc.’s 6 7/8% notes due 2027 (B3/B) dipped early in the session but rallied toward the market close to end the day largely flat.
Outside of new paper, losses continued to mount for Dean Foods Co.’s 6½% senior notes due 2023 with speculation the company would be forced to sell some of its assets.
Blackboard Inc.’s 9¾% senior notes due 2021 skyrocketed on Friday on news of an asset sale.
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