Schweitzer-Mauduit, Carvana, Enova, Fortress on tap; Pacific Drilling trades up

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 13 – While no deals priced in the domestic primary market on Thursday, the stage is set for a busy end to the week.

Schweitzer-Mauduit International, Inc., Carvana Co., Enova International, Inc. and Fortress Transportation and Infrastructure Investors are all expected to price on Friday.

While the market awaits price talk on the deals from Enova and Fortress, price talk circulated for Schweitzer-Mauduit’s $350 million offering of eight-year senior notes and Carvana’s $300 million offering of five-year senior notes.

The European primary market remained active on Thursday with Gamenet Group SpA pricing a €225 million issue and Arqiva Broadcast Finance plc setting price talk for its £625 million offering with pricing expected on Friday.

Meanwhile, the secondary space was for the most part quiet with one exception.

Pacific Drilling SA’s 8 3/8% senior secured first-lien notes due 2023 (Caa1/B) dominated trading activity in the secondary space with the notes seen well above their issue price.

The 12% PIK toggle notes were also seen well above their issue price although trading of the notes was light.

Popular, Inc.’s recently priced 6 1/8% senior notes due 2023 (B2/BB-/BB-) were improved on Thursday although the notes continued to see light trading volume.

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