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Avantor, TripAdvisor price; Diebold, Rattler Midstream on tap; Charter flat; Delta active
By Abigail W. Adams
Portland, Me., July 7 – The high-yield primary market was active on Tuesday with two drive-by deals pricing and several more joining the forward calendar.
Avantor Funding Inc. priced an upsized dual-currency offering of eight-year senior notes (B3/B-/BB) and TripAdvisor Inc. priced a $500 million offering of five-year senior notes (B1/BB-).
The forward calendar also grew with Diebold Nixdorf, Inc. in the market with a dual-currency offering of five-year senior secured notes (B3/B-) and Rattler Midstream LP marketing a split-rated $500 million offering of five-year senior notes (BBB-/BB+).
In a strictly euro-denominated offering, Parts Europe SA also began marketing a €300 million offering of five-year senior secured notes (expected Caa1/B-).
Meanwhile, the secondary space saw another volatile session with the market higher in the morning but weak heading into the close as equities gave back their gains from Monday’s session.
“It was a morning versus afternoon day,” a source said.
Charter Communications Inc.’s newly priced 4¼% senior notes due 2031 (B1/BB) were among the most actively traded issues of the session. However, the notes fell flat.
Delta Air Lines Inc.’s recently priced 7 3/8% senior notes due 2026 (Baa3/BB/BB+) continued to struggle below their issue price in active trading.
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