Ball, Northern Oil and Gas drive-by; Heartland Dental flat; Catalent tumbles

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 8 – An active Monday in the new issue market saw a $1.5 billion face amount of issuance come in drive-bys from two familiar issuers.

Ball Corp. priced a $1 billion issue of six-year senior notes at par to yield 6%.

Also Northern Oil and Gas, Inc. priced an upsized $500 million issue (from $450 million) of 8¾% eight-year senior notes at 98.568 to yield 9.

An active deal calendar bearing upon the days ahead includes Calderys Financing, LLC with a $550 million offering of five-year senior secured notes in the market with early guidance in the high-10% to 11% area, and expected to price Tuesday.

And Aventiv Technologies LLC is shopping a $400 million offering of four-year first-lien senior secured notes.

It was a quiet day in the secondary space with the market either side of unchanged as indecision again weighed on the market.

Heartland Dental, LLC/Heartland Dental Finance Corp.’s 10½% senior secured notes due 2028 saw a lackluster reception in the secondary space with the notes trading flat despite a chunky coupon.

Catalent Pharma Solutions, Inc.’s senior notes were the largest losers of Monday’s session with the notes dropping 3 to 6 points after it delayed its earnings release and downwardly revised its guidance.

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