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Primary kicks into high-gear; Transocean prices; Netflix on tap; forward calendar balloons
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 22 – After a slow week that closed with a blank forward calendar, the domestic primary market kicked into high gear on Monday with one drive-by deal pricing and the forward calendar ballooning.
Seven deals joined the forward calendar on Monday, including a highly anticipated offering from Netflix, Inc.
In drive-by action, Transocean Inc. priced a $750 million issue of seven-year senior guaranteed notes (B3/B) at par to yield 7¼%.
Netflix is expected to price a $2 billion equivalent amount of non-callable 10.5-year senior notes (current ratings Ba3/BB-) in two tranches on Tuesday.
The media streaming company’s 5 7/8% notes due 2028 were active and trading down after the new offering was announced.
KLX Energy Services Holdings, Inc. started a roadshow on Monday for a $250 million offering.
GFL Environmental Inc., HC2 Holdings, Inc. and INTL FCStone Inc. plan to start roadshows on Tuesday.
GEP Haynesville LLC began marketing a $600 million offering of five-year senior notes (B3).
HC2 Holdings, Inc. also intends to sell a $225 million to $250 million offering of senior notes.
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