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CGG, Drax on tap; Targa dominates; American Greetings spikes; Albertsons up
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 6 – The new high-yield paper that priced late Thursday was among the major volume movers in the secondary market on Friday, although with mixed results.
After a week that saw $4.90 billion price, the calendar began to fill up for the coming week with two European issuers setting roadshows for dollar-denominated notes.
France-based CGG Holding (US) Inc. began a roadshow on Friday for a $650 million equivalent offering of five-year senior secured notes (B2/B) coming in dollar- and euro-denominated tranches.
England-based Drax Group Co. starts a roadshow on Monday for a $300 million offering of 7.5-year senior secured notes (current ratings BB+//BB+).
In the secondary, Targa Resources Partners LP’s new 5 7/8% senior notes due 2026 (Ba3/BB-) were the main volume movers of Friday’s session with the notes seen trading ¼ to 1 point above their issue price.
While struggling during the subscription process, American Greetings Corp.’s 8¾% senior notes due 2025 (Caa1/CCC+) were seen trading Friday at levels 4 points higher than their deeply discounted issue price of 87.
Although trading volume remained light in the secondary space outside of the new paper, Albertsons Cos. LLC’s notes saw more than a 2 point gain in active trading after the grocery company withdrew its plans to go public.
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