Tekni-Plex starts roadshow; Kedrion/Kevlar under pressure; Allwyn at premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 24 – The high-yield primary market saw an active start to the week with two dollar-denominated deals joining the forward calendar.

Trident TPI Holdings, Inc., the parent of Tekni-Plex Inc., launched a two-day roadshow for a $620 million offering of senior notes due December 2028 (S&P: CCC+).

Benteler International AG also began marketing a $500 million tranche of five-year senior secured notes.

Euro-denominated issuers were also active with Bormioli Pharma, Cheplapharm, Loxam and TDC Net announcing offerings.

Meanwhile, it was another quiet and flat day in the secondary space as broader markets continued to struggle to find direction.

The deals that priced during Friday’s session were following different directions in the aftermarket.

Allwyn Entertainment Financing (UK) plc’s 7 7/8% senior notes due 2029 (BB/BB-) continued to trade at a strong premium to their issue price.

However, Kedrion Biopharma/Kevlar SpA’s 6˝% senior secured notes due 2029 (B3/B) saw heavy selling pressure with the notes sinking further below their deeply discounted issue price.

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