VistaJet, GasLog add-on price; CNG Holdings; Jefferies Financial on tap; Intelsat gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 14 – The domestic high-yield market was active on Tuesday with one new deal and one add-on pricing.

VistaJet Malta Finance plc priced an upsized, restructured $550 million issue of 10˝% five-year senior notes (B3/B-) at 98.113 to yield 11% on Tuesday.

GasLog Ltd. priced a $75 million tack-on to its 8 7/8% senior bullet notes due March 22, 2022 at 102.5 to yield 7.885%.

The forward calendar also grew with Jefferies Finance LLC planning to start a roadshow on Wednesday for a $450 million offering of seven-year senior secured notes (Ba3).

And CNG Holdings, Inc. began marketing a $310 million offering of five-year senior secured notes.

However, Eldorado Corp.’s $300 million offering of five-year senior secured second lien notes (Caa1/B) is currently the only deal on the forward calendar set to price before Friday’s close.

Meanwhile, the secondary space showed signs of firming on Tuesday as the market digested the latest developments in the trade war.

Recent deals faded from focus with headline and earnings-related news driving the activity on the tape.

Intelsat SA’s junk bonds were on the rise on Tuesday after positive developments related to its efforts to open the C-band spectrum to 5G.

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