Melco, Vizient set price talk; Mineral Resources gains continue; McDermott jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 16 – The domestic high-yield primary market saw some action on Tuesday as dealers set the stage for the $2.28 billion set to price during Wednesday’s session.

Melco Resorts & Entertainment Ltd. set price talk for its $500 million offering of seven-year senior notes (expected ratings Ba2/BB), and Vizient, Inc. set price talk for its $300 million offering of eight-year senior notes (B3) with both expected during Wednesday’s session.

Natural Resource Partners LP and Gogo Finance Co. Inc. are also expected to price on Wednesday.

The European primary market saw some action with Warner Music Group Corp. pricing a €195 million add-on to its 3 5/8% senior secured notes due 2026 and Europcar Mobility Group setting talk for its €450 million offering of seven-year senior notes (B3/B).

The secondary market opened the day with gains that it gave back as the session progressed, a market source said.

While volume tapered, Mineral Resources Ltd.’s 8 1/8% senior notes due 2027 (B+) continued to see gains with the newly priced notes now more than 2 points above their issue price.

McDermott International Inc.’s 10 5/8% senior notes due 2024 were again the focus of the secondary space with the notes jumping in active trading as the company completed a milestone in its Cameron LNG project.

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