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Charter, Open Text price; Asbury Automotive, Husky join calendar; Advisor Group flat; Cision trades up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 3 – The domestic high-yield primary market saw an active session on Monday with two sizable drive-by deals pricing and the forward calendar growing.
Open Text priced an upsized $1.8 billion in two tranches, and Charter Communications Inc. priced a $1.65 billion offering.
The activity promises to extend throughout the week with Arconic Inc., Innophos Holdings Inc. and Banijay Group set to price their offerings over Tuesday and Wednesday.
Asbury Automotive Group, Inc. also started a roadshow for a $1.13 billion two-tranche offering, and Husky Injection Molding Systems Ltd. is on the road with a $450 million offering of PIK toggle notes.
Meanwhile, the secondary space was largely flat on Monday with many on the sidelines waiting to see which direction the market would turn following last week’s coronavirus induced volatility, a market source said.
Trading activity surrounding several recent deals was beginning to wane as they found their level in the secondary space.
However, Advisor Group Inc.’s 6¼% senior notes due 2028 (B1/B/B+), which priced late Friday, were active although the notes were hovering around their issue price.
While volume was light, Cision 9½% senior notes due 2028 (Caa2/CCC) put in a strong performance in the aftermarket with the notes well above their issue price.
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