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Advisor Group, Cision, Flexential price; Sprint flat; PTC trades up; Adient, HC2 gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 31 – While the domestic high-yield primary market slowed its pace as the coronavirus rattled markets, new deal activity continued on Friday with three deals pricing.
Advisor Group Inc. priced a downsized $500 million issue of eight-year senior secured notes (B1/B/B+), Cision priced a $300 million issue of eight-year senior notes (Caa2/CCC) and Flexential Intermediate Corp. priced a $250 million issue of 11¼% senior secured notes due Aug. 1, 2024 (B2) at a discount.
The week ahead also promises to be active with offerings from Innophos Holdings Inc., Arconic Rolled Products Corp., Allen Media, LLC and Banijay expected to price.
Meanwhile, in the secondary space PTC Inc.’s recently priced tranches (Ba3/BB-) were putting in a strong performance in the secondary space despite the down day for the market and the tight pricing of the bonds.
However, Sprint Corp.’s 7¼% senior notes due 2028 (B1/B+/BB) continued to trade flat in high-volume activity.
Outside of the new issues, Adient plc’s 4 7/8% senior notes due 2026 jumped following its first-quarter earnings report and news of an asset sale.
HC2 Holdings Inc.’s 11½% senior notes due 2021 topped par for the first time in recent history following news of an asset sale with proceeds to be used to redeem a portion of the outstanding amount of the notes.
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