Seagate, Assured Partners, IPL price; Calpine lags; funds lose $1.39 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 3 – The domestic high-yield primary market had three issues price during Thursday’s session.

Seagate Technology plc’s priced a $1 billion two-tranche offering (Ba1/BB+/BB+).

AssuredPartners Inc. priced an upsized $550 million issue of eight-year senior notes (Caa2/CCC+).

And IPL Plastics priced a $125 million issue of Intelligent Packaging Holdco Issuer LP senior PIK toggle notes due Jan. 15, 2026 (Caa2/CCC).

Meanwhile, in the secondary space Albertsons Cos., Inc.’s 3½% senior notes due 2029 (B1/BB-) were active following an add-on the previous session with the notes trading at a premium to their reoffer price.

While the majority of new deals have traded at a premium in the secondary space, Calpine Corp.’s 3¾% senior notes due 2031 (Ba2/BB+) were lagging their issue price.

Meanwhile, as the market awaited Seagate’s latest offering, the company’s outstanding 4 7/8% senior notes due 2027 were losing ground in high-volume activity.

While the market was strong for the early part of the week, high-yield mutual and exchange-traded funds logged an outflow of $1.393 billion through Wednesday’s close, according to the Refinitiv Lipper Fund Flow Report Newsline.

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