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Global Partners, Nesco on tap; Trivium, TPC Group gains continue; Tekni-Plex lags
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 22 – While no deals priced during Monday’s session, the domestic high-yield primary market’s forward calendar continued to grow.
Nesco Holdings I, Inc. started a roadshow for a $475 million offering of five-year second lien notes, and Global Partners LP began marketing a $400 million offering of eight-year senior notes.
The two new offerings join Citgo Holding, Inc., Advisor Group Inc., and Sirius Minerals plc on the forward calendar.
The European primary market also has a sizeable new issue calendar to work through with offerings from Oriflame Holding AG, Intrum AB, Cirsa Gaming Corp. SA, and Vivion Capital Partners SA on deck.
Meanwhile, volume was on the lighter side on Monday. However, the secondary space was, in general, well bid, sources said.
Recently priced paper remained active with most continuing to perform well in the secondary space.
Trivium Packaging Finance BV’s unsecured tranche continued to skyrocket while the secured tranche held onto its premium.
TPC Group Inc.’s 10½% senior notes due 2024 (B2/B/B-) rose several points during Monday’s session.
However, Tekni-Plex, Inc.’s 9¼% senior notes due 2024 (Caa2/CCC+) were, at times, lagging their issue price.
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