Curo, Masonite price; Frontdoor on tap; Nielsen in focus; Verscend gains; BMC, HCA weaken

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 13 – Following the largest volume week for new deals year-to-date, high-yield primary market activity is expected to wane in the latter part of the month.

However, Monday remained active with $990 million pricing over two deals.

CURO Group Holdings Corp. priced an upsized $690 million issue of seven-year senior secured notes (B3/B-) and Masonite International Corp. priced a $300 million issue of eight-year senior notes (Ba3/BB+).

While the forward calendar is thin, Frontdoor, Inc. (ServiceMaster Global Holdings, Inc.) is on deck to price its $350 million offering of eight-year senior notes (B2/B-) on Tuesday.

Meanwhile, Verscend Holding Corp.’s newly priced 9¾% senior notes due 2026 (Caa2) remained a volume leader on Monday with the notes trading more than 1 point above their issue price.

BMC Software’s 9¾% senior notes due 2026 (Caa2/CCC+) were active with the notes largely trading below par during Monday’s session.

HCA Inc.’s 5 3/8% notes due 2026 and 5 5/8% notes due 2028 (Ba2/BB-) were also weaker in secondary trading on Monday with the notes also dropping below par.

While some of the new paper to price last week remained active, Nielsen Holding plc’s 5% senior notes due 2025 were the focus of trading activity on Monday.

The notes gained about 3 points after news broke activist investor Elliott Management Corp. had acquired a stake in the company to urge it to sell.

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