AmeriGas drives-by; Griffin Global joins calendar; Venture Global adds; PDC Energy jumps on buyout

By Abigail W. Adams

Portland, Me., May 22 – The domestic high-yield bond primary market stood poised for another active week with four deals on the forward calendar and one drive-by issue pricing during Monday’s session.

AmeriGas Partners LP and AmeriGas Finance Corp.’s $500 million offering of five-year senior notes (B1//BB-) was the sole issue to price during Monday’s session.

However, the forward calendar continued to build with Griffin Global Asset Management subsidiary GGAM Finance Ltd. starting a roadshow for a $1 billion two-tranche offering of three-year and five-year senior bullet notes that will run through Wednesday.

Olympus Water US Holding Corp.’s (Solenis) $2.125 billion equivalent two-tranche offering of long five-year senior secured notes backing the acquisition of Diversey Holdings Ltd. is expected to price during Tuesday’s session with an anticipated upsize for the dollar-denominated tranche.

Meanwhile, a slow, flat start to the day gave way to a strong finish with the cash bond market adding ¼ point as the market eyes debt-ceiling negotiations.

Venture Global LNG Inc.’s two tranches of senior secured notes (B1/BB/BB-) dominated activity in the space with the notes continuing to add after a healthy break.

However, PDC Energy, Inc.’s 5¾% senior notes due 2026 (Ba3/BB) were the major winners of the session with the notes jumping higher after Chevron announced its $7.6 billion acquisition of the company.

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