Shelf Drilling prices add-on; Albertsons, Aleris on tap; Hertz firms; Callon drops

By Abigail W. Adams

Portland, Me., June 5 – While the domestic and European primary market saw the forward calendar fill in on Tuesday, only one dollar-denominated add-on priced.

Shelf Drilling Holdings, Ltd. priced a $300 million add-on to its 8¼% senior notes due Feb. 15, 2025 (expected B2/B-) at a reoffer price of 101.

The 8¼% notes were active in the secondary market with the notes seen trading above the issue price of the add-on but below their previous levels.

Mueller Water Products, Inc. launched a $425 million offering of eight-year senior notes in a Rule 144A and Regulation S deal late Tuesday.

Whispers were heard for Albertsons Cos., Inc.’s $500 million offering of 5.5-year senior secured floating-rate notes, with pricing expected Wednesday, and Aleris International, Inc. set price talk for its $400 million offering of five-year senior secured junior priority notes, which are expected to price Wednesday or Thursday.

In the European primary market, InterXion Holding NV announced a roadshow that will run Wednesday and Thursday for a €1 billion offering of seven-year senior notes.

Meanwhile, the secondary space was firm on Tuesday, sources said.

Hertz Corp.’s junk bonds stabilized on Tuesday with the notes bouncing back about 1 point after dropping 2 to 3, a market source said.

Callon Petroleum Co.’s recently priced 6 3/8% senior notes due 2026 (B3/B+) dropped below par on Tuesday after hovering at par since hitting the market on May 31.

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