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Viking Cruises drives by; Trinity joins calendar; Civitas active; Univar lower; TKC rises
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 26 – Viking Cruises Ltd. priced Monday’s sole deal, a $720 million issue of eight-year senior notes (Caa1/B-) that came at par to yield 9 1/8% in a drive-by.
Trinity Industries, Inc. started a roadshow for a $400 million offering of five-year senior notes (Ba2/BB+/BB), in the market with initial price talk in the high-7% area, and set to price Thursday.
Meanwhile, the secondary space saw a quiet start to the week with the cash bond market either side of unchanged after pulling back from the previous week.
New issues remained in focus with recent deals following different trajectories in the secondary space.
Civitas Resources, Inc.’s two tranches of senior notes (B1/BB-/BB-) continued to see active trade although with little movement in price.
Windsor Holdings III, LLC’s 8½% senior secured notes due 2030 (B2/B+) backing the buyout of Univar Solutions Inc. continued to struggle with the notes breaking below a 99-handle.
Viking Cruises’ 7% senior notes due 2029 (Caa2/B-) were boosted by the company’s latest refinancing deal.
TKC Holdings, Inc.’s 10½% senior notes due 2029 (Caa2/CCC) were among the largest gainers of Monday’s session, rising 2 points in active trade.
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