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Allied Universal in focus; Sirius Computer trades up; Digicel under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 28 – After the biggest week of the year for new deal activity, the domestic high-yield primary market was quiet on Friday.
The European primary market saw the sole deal price with Travelodge Hotel Co. pricing a £440 million issue of six-year senior secured floating-rate notes (B3/B-).
The forward calendar was light heading into the weekend. However, Alpha Auto Group’s $225 million offering of five-year notes is still believed to be in the market.
Meanwhile, the secondary space was largely flat heading into the weekend.
Allied Universal Holdco LLC’s recently priced two tranches were in focus in the secondary space with both trading at a premium to their issue price.
While Sirius Computer Solutions, Inc.’s 11% senior notes due 2027 (Caa1/CCC+) were trading up in the secondary space, volume was light.
Turning away from new paper, Digicel Group Ltd.’s junk bonds were under pressure on Friday following a weak quarterly report.
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