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Primary floodgates open; Navient, VistaJet drive-by; three deals join calendar
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 1 – May got off to a $1 billion start in the high-yield new-issue market on Monday.
Two drive-by issuers each priced $500 million face amounts.
Both deals came in the middle of yield talk.
Navient Corp. priced a $500 million issue of 9 3/8% seven-year senior bullet notes (Ba3/B+/BB-) at 99.933 to yield 9 3/8%.
The deal was heard to have been three-times oversubscribed, according to a bond trader who had the notes wrapped around par at Monday’s close.
And VistaJet Malta Finance plc and co-issuer Vista Management Holding Inc. priced a $500 million issue of 9½% five-year senior notes (B3/B-/BB-) at 98.998 to yield 9¾%.
The new VistaJet notes were basically wrapped around issue price at Monday’s close, according to a bond trader who had them 99 7/8 bid, par 1/8 offered.
The deal rode into market on $150 million of reverse inquiry, a source said.
The active and shadow calendars saw a May Day buildup.
EquipmentShare.com Inc. plans to make its debut in the high-yield bond market with the sale of $750 million of five-year second-lien senior secured notes, which are expected to price Tuesday.
Calderys Financing, LLC (formerly Imerys SA) started a roadshow on Monday for a $550 million offering of five-year senior secured notes (expected B2).
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