Hub, WildHorse price; Nufarm, Lycra, Nationstar on tap; OCI, Fidelity active

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 18 – The U.S. high-yield primary market priced $1.52 billion in two deals on Wednesday with several more on the horizon.

In a highly oversubscribed deal, Hub International Ltd. priced a $1.32 billion issue of eight-year senior notes (Caa2/CCC+) at par to yield 7% on Wednesday.

WildHorse Resource Development Corp. priced a $200 million add-on to its 6 7/8% senior notes due Feb. 1, 2025 (Caa1/B) at 102 to yield 6.38% in a quick-to-market trade.

Among upcoming deals, Nufarm Ltd. plans to price a $450 million offering of eight-year senior notes (expected ratings B1/BB-) with talk for a yield in the 5¾% area on Thursday.

Lycra Co.’s $810 million equivalent dual-currency offering, which could upsize to $1 billion, may also price on Thursday, a trader said.

Thursday will also see Nationstar Mortgage LLC launch $2.75 billion of one-year senior unsecured bridge loans, which are intended to lead to three tranches of senior notes.

Meanwhile, Tuesday’s deals from Fidelity & Guaranty Life Holdings, Inc. and OCI NV remained active with both trading above their issue price.

High beta energy names were the major gainers of the session. Junk bonds from California Resources Corp. and EP Energy LLC saw gains of 1 to 3 points.

However, Syngenta AG’s $4.75 billion of split-rated notes in six tranches were the focus of the secondary market on Wednesday.

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