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Ortho-Clinical, ADT, Air Transport, MEG Energy, PBF price; Presidio up; Ladder Capital flat
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 16 – The domestic high-yield primary market was on fire on Thursday with six deals clearing the market – four of which were megadeals, sized at $1 billion or more.
In drive-by action, ADT Inc. priced a $1.3 billion issue, CenturyLink, Inc. priced an upsized $1.25 billion issue and MEG Energy Corp. priced an upsized $1.2 billion issue.
PBF Holding Co. and PBF Finance Corp. priced a $1 billion issue, Ortho-Clinical Diagnostics SA priced an upsized $675 million issue and Air Transport Services Group, Inc. priced an upsized $500 million issue.
The new paper was in focus in the secondary space.
With Thursday a strong day for the energy sector, PBF’s new paper skyrocketed after breaking for trade.
Presidio Holdings Inc.’s recently priced 4 7/8% senior secured notes due 2027 (B1/B) and 8¼% senior unsecured notes due 2028 (Caa1/CCC+) were both trading at a premium in high-volume activity, with the unsecured tranches outperforming the lower-coupon tranche.
Ladder Capital Corp.’s recently priced 4¼% senior notes due 2027 (Ba2/BB-) fell flat in the secondary space with the notes wrapped around par.
Outside of recent issues, Bombardier Inc.’s junk bonds tumbled several points in active trading following news it may exit a joint venture which many believed would aid the struggling jet and train manufacturer.
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