Bausch Health trades up, Century Communities, Charter lag; Tronox drops post-earnings

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 10 – After the largest week of the year for new deal activity, the domestic high-yield primary market took a breather on Friday.

VistaJet Malta Finance plc is in the market with a $525 million offering of five-year senior notes (B3).

And Australia-based Ausdrill Finance Pty Ltd. is marketing a $500 million offering of seven-year senior notes (Ba2/BB).

While no dollar-denominated deals priced on Friday, EM-focused United Group BV priced €856 million of notes in two tranches.

In new paper in the secondary space, Charter Communications, Inc.’s 5 3/8% senior notes due 2029 (BB/BB+) were seen hovering at par while Century Communities, Inc.’s 6¾% senior notes due 2027 (B2/B+) were lagging their issue price in the secondary space.

However, Bausch Health Cos Inc.’s recently priced tranches (B3/B-/B) were continuing to trade at a premium.

Outside of the new paper, weak earnings continued to drag down the secondary space.

Tronox Ltd.’s 6½% senior notes due 2026 dropped in active trading after a large earnings miss.

Weatherford International plc’s junk bonds were again trading down during Friday’s session.

The company announced its intention to file for bankruptcy in its quarterly earnings report released after the market close.

© 2015 Prospect News.
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