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Aramark prices $1 billion two-parter; iHeart jumps, Memorial Resource Development up on sale
By Paul Deckelman and Paul A. Harris
New York, May 16 – The high-yield primary market opened the new week on Monday with a $1 billion two-part drive-by offering from Aramark Services, Inc., a provider of foodservice and facilities management and uniform supply services to various industries.
The mega-deal consisted of equally sized $500 million tranches of new 10-year notes and an add-on to the company’s existing 2024 paper. Traders quoted both halves of the deal at modestly higher levels when they moved into the aftermarket.
Among recently priced offerings, there was some trading activity, at moderate volume levels, in last week’s Cheniere Corpus Christi Holdings, LLC, LifePoint Health, Inc. and Goodyear Tire & Rubber Co. issues.
Syndicate sources meanwhile heard of new junk deals being shopped around by Vereit, Inc., a Phoenix-based real estate asset management firm and PennyMac Financial Services, Inc., a Moorpark, Calif.-based mortgage services company.
Away from the new-deal realm, iHeartMedia Inc.’s bonds jumped as the debt-laden broadcasting and outdoor advertising company was reported to have hired additional advisers to help it evaluate options for its debt, including possibly buying some of it back.
Another big winner was Memorial Resource Development Corp., whose bonds firmed smartly in active trading on the news that the energy exploration and development company has agreed to be acquired by sector peer Range Resources Corp. in an all-stock transaction valued at $4.4 billion, including the acquisition of more than $1 billion of Memorial Resource Development’s net debt. Statistical market performance measures turned higher across the board on Monday, after having been lower all around on Friday.
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