Triple-hook deals in Friday junk primary; Jazz, Imperial Dade at a premium; goeasy gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 23 – The domestic high-yield primary market closed the week with an active session with five issuers pricing a cumulative $2.22 billion in single tranches.

Encino Acquisition Partners Holdings, LLC, Ahead DB Holdings, LLC and Wheel Pros, Inc., were among the issuers to clear the market on Friday.

Meanwhile, it was another quiet day in the secondary space although the tone was improved as equities rebounded from the sell-off sparked by President Biden’s proposed increase in the capital gains tax.

New paper continued to rule the tape with recent deals continuing to perform well in the aftermarket.

Jazz Pharmaceuticals plc’s 4 3/8% senior secured notes due 2029 (Ba2/BB-/BB+) maintained the large premium reached after breaking for trade with the notes continuing to trade on a 102-handle.

BCPE Empire Holdings, Inc./Imperial Dade’s 7 5/8% senior notes due 2027 (Caa2/CCC) were also trading at a large premium to their discounted issue price.

goeasy Ltd.’s 4 3/8% senior notes due 2026 (Ba3/BB-) were putting in a strong performance in the aftermarket with the notes gaining momentum as the session progressed.

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