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Clearway Energy, Global Aircraft add-on price; Twitter on deck; Fair Isaac trades up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 4 – The domestic high-yield primary market remained active on Wednesday with one new deal and one add-on pricing and two more joining the forward calendar.
Clearway Energy Operating LLC priced a $600 million issue of 8.25-year green senior notes (Ba2/BB) and Global Aircraft Leasing Co., Ltd. priced a $200 million add-on to its 6½% (cash)/7¼% (PIK) cash contingent senior PIK toggle notes in a Wednesday drive-by.
Dycom Industries, Inc. announced a roadshow for a $300 million offering of eight-year senior notes.
And AmWINS Group, Inc. plans to begin marketing a $250 million add-on to its 7¾% senior notes due July 1, 2026 (existing ratings B3/B-).
The deals join Twitter, Inc. on the active forward calendar. Twitter is set to price its $600 million offering on Thursday with the yield talk heard to be tightening.
Meanwhile, the secondary space firmed on Wednesday with markets rebounding on renewed optimism about a U.S.-China trade deal.
Fair Isaac Corp.’s newly priced 4% senior notes due 2028 (Ba2/BB+) were trading at a large premium to their issue price in the secondary space.
Outside of new paper, Chesapeake Energy Corp.’s junk bonds were rebounding from November’s sell-off following news the company amended its credit agreement and was addressing its debt load.
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