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Aleris prices; Matterhorn postpones; Navient active; Cimpress, WeWork improve
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 8 – The domestic and European high-yield primary markets each saw one deal price during Friday’s session with the week ahead expected to be active.
Aleris International, Inc. priced a $400 million issue of five-year senior secured junior priority notes (Caa2/CCC+) at par to yield 10¾% late in Friday’s session.
In the European market, InterXion Holding NV priced a €1 billion issue of seven-year senior notes (B1/BB-) at par to yield 4¾%.
However, Matterhorn Telecom SA (Salt Mobile, SA) postponed its CHF 2,085,000,000 equivalent four-part offering of senior secured notes.
Meanwhile, the secondary space was quiet on Friday with light trading volume across the board, sources said.
However, Navient Corp.’s new 6¾% senior notes due 2026 (Ba3/B+/BB) remained active and dominated trading activity in the secondary space with the notes flat to down slightly.
The trading frenzy surrounding Mueller Water Products, Inc.’s new 5½% senior notes due 2026 (Ba3/BB) died down on Friday, leaving the notes relatively unchanged in scattered activity.
Cimpress NV’s recently priced 7% senior notes due 2026 (B1/B+) were quoted slightly higher on Friday although trading of the new notes has been light since they freed to trade.
WeWork Cos. Inc.’s struggling 7 7/8% senior notes due 2025 (Caa1/B+/BB-) continued to see improvement with the notes quoted higher since the start of the week.
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