Alliance Data, Bausch Health, Qorvo add-on price; Archrock in focus; oil patch firms

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 17 – The domestic high-yield primary market continued to roll out the new deals with two new deals and one add-on pricing on Tuesday.

In drive-by action, Bausch Health Cos. Inc. priced an upsized $2.5 billion amount of senior notes (B3/B/B) and Qorvo priced an upsized $200 million add-on to its 4 3/8% senior notes due Oct. 15, 2029 (existing ratings Ba1/BB+).

In a deal that was in the market overnight, Alliance Data Systems Corp. priced an upsized $850 million issue of five-year senior notes.

Meanwhile, the secondary space saw another firm day although activity was beginning to slow down, a market source said.

Archrock Partners, LP and Archrock Partners Finance Corp. 6¼% senior notes due 2028 (B2/B+) were in focus with the notes trading well above their issue price.

Among recent issues, CenturyLink, Inc.’s 5 1/8% senior notes due 2026 (B2/B+/BB) and Amsted Industries Inc.’s 4 5/8% senior notes due 2030 (Ba3/BB) saw renewed attention in the secondary space although with little movement in price.

Tuesday was another strong day for the oil patch with several energy names again trading up as crude oil futures improved.

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