Venator, Valvoline price; United scraps offering; PBF, Lamb Weston, Azek up 3 to 4 points

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 8 – The domestic high-yield primary market rounded out an active week with one new deal and one add-on pricing.

Venator Materials plc priced a $225 million issue of five-year senior secured notes (B1) at a discount.

And Valvoline Inc. priced an upsized $400 million add-on to its 4 3/8% senior notes due Aug. 15, 2025 (existing ratings Ba3/BB).

However, United Airlines scrapped its offering of $2.25 billion secured senior notes (Ba2/BB-/BB+) which had encountered pushback.

New paper continued to dominate secondary trading activity with the deals to price during Thursday’s session skyrocketing in the secondary space.

Lamb Weston Holdings, Inc.’s 4 7/8% senior notes due 2028 (Ba2/BB+), Azek Building Products, Inc.’s 9½% senior notes due 2025 (Caa2/CCC+) and PBF Holding Co LLC and PBF Finance Corp.’s 9¼% senior notes due 2025 (Ba2/BBB-/BB-) were all trading 3 to 4 points above their issue prices, sources said.

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