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Morning Commentary: Junk primary packed; Spectrum, Beazer, Hannon, WPX, Sensata on tap
By Cristal Cody
Tupelo, Miss., Sept. 10 – The junk bond primary market opened to several deals being marketed and expected to price on Tuesday or later in the week.
Spectrum Brands Inc. plans to price $300 million of 10-year senior notes in Rule 144A and Regulation S deal on Tuesday.
Beazer Homes USA Inc. is marketing $350 million of 10-year senior notes in a Rule 144A and Regulation S transaction to price during the session.
Hannon Armstrong Sustainable Infrastructure Capital Inc. plans to sell a $100 million add-on to its 5¼% green eligible senior notes due July 15, 2024 on Tuesday. Initial price talk was in the 104.75 to 105 area.
Sensata Technologies Holding plc is marketing $450 million of senior notes due February 2030 in a Rule 144A and Regulation S offering.
WPX Energy, Inc. intends to price a $500 million registered offering of senior notes due 2027.
Extended Stay America Inc. firmed details of a $500 million offering of senior notes due 2027 that will be offered in a Rule 144A and Regulation S transaction.
Meanwhile, B&G Foods, Inc. intends to tap the junk bond market with a $450 million offering of senior notes as part of a debt financing package.
Tegna Inc. expects to tap the high-yield primary market on Wednesday with a $900 million offering of senior notes due 2029.
KeHE Distributors LLC is marketing a $200 million offering of senior secured second-lien notes due 2026 to print on Wednesday. Initial price talk is in the mid to high 8% yield area.
Also, Patrick Industries, Inc. plans to bring a $300 million offering of senior notes due 2027 to the primary market on Thursday. The notes are initially talked to price in the mid-to-high 7% yield area.
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