Charter prices; forward calendar balloons; Coty, Morton Salt, Central Garden flat; Entergis at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 19 – The domestic high-yield primary market saw one new tranche and two add-ons price during Monday’s session.

Charter Communications, Inc. accounted for the majority of Monday’s new-deal activity and priced a $1 billion offering of 12-year senior unsecured notes (B1/BB).

However, the week ahead will be active with the forward calendar ballooning to more than $5 billion.

Meanwhile, it was a soft day in the secondary space although volume outside of new issues was light as market players await earnings reports.

“No one’s placing big bets ahead of earnings,” a source said.

The lackluster performance of several recent deals was also contributing to the weak tone in the market.

Coty Inc.’s 5% senior notes due 2026 (B3/B); Central Garden & Pet Co.’s 4 1/8% senior notes due 2031 (B1/BB/BB) and SCIH Salt Holdings, Inc.’s two tranches of senior notes were wrapped around their issue price.

However, Entegris Inc.’s 3 5/8% senior notes due 2029 (Ba2/BB) were putting in a strong performance with the notes closing the day on a 101-handle.

© 2015 Prospect News.
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