European primary active; Welbilt drops slightly; McDermott improves in active trading

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 5 – While the domestic primary market was again quiet on Monday, the European market jumped into action with three large deals joining the forward calendar.

Verisure set a bank meeting and plans to start a roadshow on Tuesday for a €1,012,000,000 capital raise coming as bank loans and high-yield notes.

International Design Group SpA started a roadshow on Monday for a €720 million two-tranche offering and Intertrust Group BV started a roadshow for a €500 million offering.

Victoria plc set initial price talk on its €450 million offering, which is expected to price early to mid-week after unexpectedly carrying over from last week.

For the domestic primary market, HC2 Holdings, Inc.’s $535 million offering of five-year senior notes remains on the forward calendar after also carrying over from last week.

RegionalCare Hospital Partners Holdings, Inc. and LifePoint Health, Inc. will be on the road Tuesday through Thursday with their $1,575,000,000 offering of senior notes.

The secondary space was largely flat Monday with trading volume light as market players turn their attention to the U.S. midterm election.

Welbilt Inc.’s 9˝% senior notes due 2024 dropped slightly in active trading after a third-quarter earnings miss.

McDermott International Inc.’s 10 5/8% senior notes due 2024 continued to see active trading Monday with the notes continuing to improve after a 10-point drop after the company’s third-quarter earnings announcement.

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