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BlueLinx prices; forward calendar grows; Sonic Automotive, Aggreko at a premium; At Home sinks
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 18 – The domestic high-yield primary market saw one issue price during Monday’s session with several others joining the forward calendar.
BlueLinx Holdings Inc. priced a $300 million issue of eight-year senior secured notes (B1/B+) at a discount.
Polynt-Reichhold is expected to price a €1.3 billion equivalent three-part offering of senior secured notes (B1/BB-) during Tuesday’s session.
And LABL, Inc. and LifeScan Global Corp. started roadshows for two-part offerings.
Meanwhile, the secondary space was largely unchanged on Monday with market players eyeing the 10-year Treasury yield and earnings for indications of the future direction of the market.
New and recent issues continued to dominate the tape with the majority trading at a premium to their issue price.
Albion HoldCo Ltd.’s (Aggreko plc) dollar-denominated tranches were putting in a solid performance with the secured notes outperforming their unsecured, higher-coupon counterpart.
Sonic Automotive, Inc.’s two tranches of senior notes (B1/BB-/BB) were in focus and trading on a par handle.
Outside of recent issues, Ambience Merger Sub, Inc.’s (At Home Group, Inc.) 7 1/8% senior notes due 2029 (Caa1/CCC+) were under pressure with the notes falling further below par.
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