Calpine prices; Albertsons adds on; Nationstar gains continue; C&S at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 2 – The high-yield primary market had an active Wednesday session that saw two drive-by deals clear the market and two more join the forward calendar.

Calpine priced a downsized $900 million issue of 10.25-year senior secured notes (Ba2/BB+) and Albertsons priced an upsized $600 million add-on to the Albertsons Cos, Inc., Safeway Inc., New Albertsons LP, Albertson's LLC 3½% senior notes due March 15, 2029 (B1/BB-).

Seagate Technology joined the forward calendar with a $1 billion two-part offering of senior notes (Ba1/BB+/BB+).

And IPL Plastics stepped forward with a $125 million offering of senior PIK toggle notes due Jan. 15, 2026 (expected ratings Caa2/CCC) backing a dividend.

Meanwhile, in the secondary space Nationstar Mortgage Holdings Inc.’s 5 1/8% senior notes due 2030 (B2/B) continued to gain in high-volume activity following a strong break.

While C&S Group Enterprises LLC’s 5% senior notes due 2028 (B2/B) were coming in from their highs, they continued to trade at a healthy premium to their issue price.

PowerTeam Services, LLC’s 9.033% senior secured first-priority notes due 2025 (B3/B-) were active and trading at a premium to their reoffer price following an add-on.

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