Aston Martin, EQT, Smyrna price; PetSmart pulls offering; MotorCity outperforms

By Abigail W. Adams

Portland, Me., Oct. 30 – As the sell-off continued to accelerate in the high-yield space, the primary market continued to crank out deals with three issuers clearing the market.

Aston Martin Lagonda Global Holdings plc subsidiary Aston Martin Capital Holdings Ltd. priced a reconfigured $1,085,500,000 offering of five-year senior secured notes (Caa1/CCC).

EQT Corp. priced an upsized $350 million of eight-year senior bullet notes (Ba3//BB).

And Smyrna Ready Mix Concrete, LLC priced an upsized $830 million offering of eight-year senior secured notes (B1/B+).

However, PetSmart LLC and PetSmart Finance Corp. pulled their $2.65 billion megadeal from the market amid investor pushback and market volatility, a source said.

The pulled offering sent PetSmart’s outstanding notes into a tailspin with the capital structure down 1 to 3 points.

CCM Merger Inc. (MotorCity)’s recently priced 6 3/8% senior notes due 2026 (Caa1/B+) were a bright spot on a dark day with the notes trading up to a 102-handle.

While the volatility is expected to continue, there may still be some deals in the week ahead, a source said.

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