Post Holdings, NOVA drive-by; Stena, Ardonagh on deck; Allied struggles; Catalent surges on takeover

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 5 – An active Monday session in the dollar-denominated high-yield primary market saw two drive-by issuers price a combined total of $1.65 billion of junk.

Post Holdings, Inc. priced an upsized $1 billion issue (from $875 million) of eight-year senior secured notes (Ba1/BB) and NOVA Chemicals Corp. priced a $650 million issue of six-year senior notes (Ba3/B+).

The active new-issue calendar also grew with Stena International SA and Ardonagh Group announcing new offerings.

Talk also surfaced on Crash Champions LLC’s $650 million offering of five-year senior secured notes (B3/B-) with pricing expected on Tuesday.

Meanwhile, it was a soft start to the week in the secondary space.

Allied Universal Holdco LLC’s 7 7/8% senior secured notes due 2031 (B3/B) struggled in the aftermarket and closed the day underwater.

Howden Group’s (B2/B) secured and unsecured notes were coming in from the heights reached on the break on Monday; however, they maintained a healthy premium in active trade.

While the broader market was heavy on Monday, Catalent Pharma Solutions, Inc.’s senior notes (B3/B) skyrocketed after Novo Nordisk’s parent company announced its $16.5 billion acquisition of the company.

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