Junk primary prices $4.2 billion in seven dollar-denominated tranches; Copeland sinks

By Abigail W. Adams

Portland, Me., May 24 – The domestic high-yield bond primary market saw one of the busiest sessions of the year on Wednesday with $4.2 billion pricing in seven dollar-denominated tranches.

Venture Global LNG Inc. returned to the market three sessions after pricing the largest offering of the year with a $500 million tap of its new senior secured notes due 2028 and 2031 (B1/BB/BB-).

The add-on drove down the trading level of the 8 1/8% senior secured notes due 2028 and 8 3/8% senior secured notes due 2031; however, they remained above par.

Olympus Water US Holding Corp. (Solenis) priced its upsized $2.38 billion equivalent two-tranche offering of long five-year senior secured notes (B3/B-) to back the acquisition of Diversey Holdings Ltd.

However, the notes struggled on the break and closed the day on a 99-handle.

Seagate HDD Cayman priced a $1 billion two-tranche offering of senior notes due 2029 and 2031 (Ba3/BB/BB+).

Unlike several recent deals that struggled in the secondary, Seagate’s new notes skyrocketed on debut.

A $1 billion offering of three-year and five-year senior bullet notes from GGAM Finance Ltd., an aircraft leasing company formed by Griffin Global Asset Management, also cleared the forward calendar.

Copeland’s 6 5/8% senior secured notes due 2030 (Ba3/BB-/BB-) were under pressure in heavy volume with the notes sinking to a new low.

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