Junk: Global Aircraft needs more time; Venture better; cruisers hit headwinds, NCL at new low

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 20 – The primary market idled on Friday, with one deal on the active forward calendar that had been on a timeline to price ahead of the weekend.

Global Aircraft Leasing Co., Ltd. and Global Sea Containers II Ltd. remain in the market with a $1.95 billion offering of five-year senior PIK toggle notes (Ba2//BB-).

However, the offering has experienced pushback with investors asking for more concessions.

Meanwhile, the secondary space had a temporary reprieve from a heavy week as Treasury yields came in after pushing up against historic heights.

In trading action, Venture Global LNG Inc.’s new senior secured notes (B1/BB/BB) were in focus with its newly minted tranches improving after a weak break the previous session.

Cruise line operators remained under pressure on Friday with the sector facing multiple headwinds, including higher fuel costs, reduced demand and high refinancing costs, sources said.

NCL Corp. Ltd.’s recently priced 8 1/8% senior secured notes due 2029 (B1/BB-) continued their downtrend with the notes hitting their lowest level on Friday since pricing.

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