Macy’s, Par Pacific price; Park Hotels adds; Microchip, DaVita in focus; Ardagh moves up

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 27 – New issue supply was steady on Wednesday with two deals and one add-on pricing.

All eyes were on recent fallen angel Macy's Inc. as it priced an upsized $1.3 billion offering.

The new paper dominated activity in the secondary space after freeing for trade and was well above its issue price.

Par Pacific Holdings, Inc. priced a $105 million issue at a discount.

And Park Hotels & Resorts Inc. priced an upsized $100 million add-on to its recently priced 7½% senior secured notes due June 1, 2025 (B1/BB-).

Meanwhile, in the secondary space, Microchip Technology Inc.’s newly priced 4¼% senior notes due 2025 (Ba2//BB+) and DaVita Inc.’s 4 5/8% senior notes due 2030 (Ba3/B+) had high-volume activity, in addition to Macy’s.

While volume was lighter, Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.’s newly priced 5¼% mirror notes due 2027 (Caa1/B/B) were also trading well above their reoffer price.

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