Gogo, Vizient, Adient on tap; Mineral Resources trades up; Advanced Disposal jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 15 – While no new deals priced on Monday, the forward calendar for both the domestic and European high-yield primary market grew with activity expected despite a truncated holiday week.

Gogo Inc. kicked off a $900 million offering of five-year senior secured first-lien notes and Vizient, Inc. started a roadshow for a $300 million offering of eight-year senior notes.

Both deals are expected to price on Wednesday.

Adient announced a $750 million offering of senior secured notes due 2026 with the deal expected to launch in the April 22 week.

In the European primary market, Europcar Mobility Group began a roadshow for a €450 million offering of seven-year senior notes (expected ratings B3/B).

Meanwhile, the secondary space remained firm on Monday although volume was light.

Mineral Resources Ltd.’s newly priced 8 1/8% senior notes due 2027 (B+) were putting in a strong performance in the secondary space with the notes trading at a large premium to their issue price.

Adient’s 4 7/8% senior notes due 2026 were in focus and trading up on news of a new deal in the works.

Advanced Disposal Services, Inc.’s 5 5/8% senior notes due 2024 jumped in active trading on news the company would be bought out by Waste Management.

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