Dealer Tire, QVC, Allied Universal add-on price; Sprint, PTC on deck

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 29 – The domestic high-yield primary market was active on Wednesday with three deals pricing and the forward calendar growing.

QVC, Inc. priced an upsized $575 million split-rated issue of seven-year senior bullet notes (existing ratings Ba2/BBB-/BBB-).

Allied Universal Holdco LLC and Allied Universal Finance Corp. priced a $540 million tack-on to the UNSEAM 6 5/8% senior secured notes due July 15, 2026 (B3/B-) in a Wednesday drive-by.

And Dealer Tire LLC priced a $350 million issue of DT Issuer LLC eight-year senior notes (Caa1/CCC).

The forward calendar also grew with Sprint Corp. planning to price a $1 billion offering of eight-year senior guaranteed bullet notes (expected ratings B1/B) on Thursday, and PTC is expected to price $750 million of senior notes (expected ratings Ba3/BB) on Friday.

Meanwhile, the secondary space was largely flat on Wednesday as market players eyed the growing calendar.

With the market recovering from the bout of volatility caused by the coronavirus, Dealer Tire’s new paper saw a strong break in active trading.

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