Three issuers price $1.85 billion; Chobani, Starwood at a premium; Parsley jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 20 – The high-yield primary market continued to churn out new deals on Tuesday with three issuers pricing a cumulative $1.85 billion.

Among the issuers to clear the market on Tuesday were Dave & Buster's Entertainment, Inc. and Restaurant Brands International Inc.

The forward calendar also continued to grow with Aspen Insurance the latest issuer to offer PIK toggle notes.

Meanwhile, the secondary space firmed on Tuesday with the cash bond market up about ¼ point, a source said.

New paper was in focus and performing well in the aftermarket.

Dave & Buster’s and Restaurant Brands’ new notes were both trading with premiums in the aftermarket.

Chobani, LLC’s 4 5/8% senior notes due 2028 (B1/B-) continued to gain in active trading after a strong break the previous session.

Starwood Property Trust, Inc.’s 5½% senior notes due 2023 (Ba3/B+) were also trading at a premium to their issue price in active trading.

Outside of recent issues, Parsley Energy LLC and Parsley Finance Corp.’s senior notes jumped in active trading on news of a pending buyout.

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