Surgery Partners, Realogy on tap; Kodiak Gas widens talk; Nexeo trades up; Inmarsat gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 25 – While no new high-yield deals priced during Monday’s session, the active forward calendar grew.

Surgery Partners, Inc. plans to start a roadshow on Tuesday for a $430 million offering of eight-year senior notes with pricing expected prior to the week’s close.

Realogy Group LLC is expected to price $400 million of eight-year senior notes on Wednesday.

Allison Transmission Inc. is expected to attempt to place $500 million of 10-year senior notes (expected ratings Ba3/BB) in late March or early April.

Price talk for Kodiak Gas Services LLC’s $400 million offering of eight-year senior notes, which was expected to price last Friday, was heard to have widened on Monday.

In the European high-yield primary market, Netherlands-based Leaseplan began a roadshow on Monday in London for a €1.35 billion two-part offering of five-year senior secured notes (B1/BB+/BB-).

Meanwhile, trading volume was light on Monday on another soft day for the secondary market, sources said.

While slow to trade, Nexeo Plastics’ 10 1/8% senior notes due 2026 were seen at a premium to their issue price.

Inmarsat plc’s junk bonds were active and making gains on Monday after the company announced plans to price $1.3 million of senior notes as part of its leveraged buyout.

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