Occidental, FirstCash, Black Knight, Booz Allen price; Windstream lags; Albertsons flat

By Abigail W. Adams

Portland, Me., Aug. 12 – The domestic high-yield primary market marked another $5 billion plus day with four deals totaling $5.2 billion clearing the market.

New deal activity was led by Occidental Petroleum Corp., which priced an upsized $3 billion three-tranche offering of senior notes (Ba2/BB+/BB).

Black Knight InfoServ, LLC also priced an upsized $1 billion, Booz Allen Hamilton Inc. priced an upsized $700 million, and FirstCash, Inc. priced an upsized $500 million issue on Wednesday.

Thursday also promises to be another active session with Veritas US Inc. and Veritas Bermuda Ltd., ANGI Homeservices Inc., and QVC, Inc. all slated to price offerings.

Meanwhile, new paper continued to dominate activity in the secondary space. However, with pricing tight, new deals were increasingly falling flat or trading below their issue prices.

Windstream Communications’ 7¾% first-lien senior secured notes due 2028 (B3/B) gave back their premium after a strong break and dropped below par heading into Wednesday’s close.

Albertsons Cos. Inc.’s two tranches of senior notes (B2/BB-) and Targa Resources Partners LP and Targa Resources Partners Finance Corp.’s 4 7/8% senior notes due 2031 also fell flat in high-volume activity.

However, WillScot Mobile Mini Holdings Corp.’s 4 5/8% senior notes due 2028 (B3/B+) were holding a nominal premium in active trading.

Ball Corp.’s record-setting 2 7/8% senior notes due 2030 (Ba1/BB+) continued to trade off on Wednesday with the notes sinking further below their issue price.

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