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Ball Corp. on a 2-handle; Wyndham, Iron Mountain, CDW price; forward calendar swells
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 10 – The Aug. 10 week got underway at a torrid pace in the high-yield primary market with four deals and one add-on pricing.
The forward calendar also swelled.
Ball Corp. priced an upsized $1.3 billion with the tightest yield seen in the junk bond market since the global financial crisis.
Iron Mountain Inc. also priced an upsized $1.1 billion, CDW LLC priced an upsized $700 million, and Wyndham Hotels & Resorts, Inc. priced an upsized $500 million.
And Cascades Inc. priced an upsized $300 million (from $200 million) tap of its 5 3/8% senior notes due Jan. 15, 2028 (Ba3/BB-).
The forward calendar also swelled with LogMeIn, Inc., Veritas, Xenia Hotels & Resorts, Inc., and Clearwater Paper Corp. in the market with offerings.
Windstream Communications also set price talk for its $1.4 billion offering of eight-year first-lien senior secured notes (B3/B) with pricing expected on Tuesday.
Meanwhile, the secondary space was largely unchanged on Monday with new paper continuing to dominate activity.
However, with pricing of new paper coming increasingly tighter, more and more deals were falling flat in the aftermarket.
Level 3 Financing, Inc.’s 3 5/8% senior notes due 2029 (Ba3/BB/BB) became the latest new deal to get stuck at par.
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