WernerCo prices; Solenis struggles; Icahn losses deepen; junk funds add $1.4 billion

By Abigail W. Adams

Portland, Me., May 25 – The domestic high-yield primary market slowed its pace on Thursday with one deal clearing the calendar.

WernerCo subsidiaries Werner FinCo LP and Werner FinCo, Inc. priced a $400 million issue of five-year senior secured first-lien notes (Caa1/B-) at a discount.

Meanwhile, it was an active day in the secondary space with the tone improved as blowout earnings from tech behemoths outweighed concern about the lack of progress in debt ceiling negotiations.

New paper was in focus although the deluge of deals to price in the previous session were following different trajectories.

For instance, Olympus Water US Holding Corp.’s (Solenis) new 9¾% senior secured notes due 2028 continued to struggle after a weak break.

Outside of recent issues, Icahn Enterprises LP’s senior notes (Ba3/BB) again had heavy selling pressure as Icahn foe Bill Ackman supported Hindenburg Research’s short-seller report on the company.

Meanwhile, high-yield mutual and exchange-traded funds broke their string of outflows and added $1.399 billion in the week through Wednesday’s close.

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