Manitowoc, Target Hospitality on tap; Scientific Games gains; Credit Acceptance weakens

By Abigail W. Adams

Portland, Me., March 6 – While no new deals priced during Wednesday’s session, the domestic high-yield forward calendar continued to grow with two deals joining the already $5.25 billion being marketed.

Manitowoc Co. Inc. plans to price $300 million seven-year senior secured second-lien notes (B2/B) on Friday.

Target Hospitality (Arrow Bidco LLC) plans to start a roadshow for a $340 million offering of five-year senior notes, which will run through March 12 with pricing thereafter.

Digicel International Finance Ltd. and Digicel Holdings Ltd. set official price talk for their $550 million offering, which is set to price on Thursday.

While Johnson Controls (Power Solutions) is not expected to price its $4.7 billion equivalent offering until March 15, its secured tranches were heard to already be oversubscribed.

Meanwhile, the paper that priced during Tuesday’s session was in focus in the secondary space although with mixed performances.

Scientific Games International Inc.’s newly priced 8¼% senior notes due 2026 (existing Caa1/B) were performing well.

However, Credit Acceptance Corp.’s 6 5/8% senior notes due 2026 were hovering above their issue price.

Outside of the new paper, Endo International plc’s junk bonds dropped in high-volume activity with news about Purdue Pharma’s pending bankruptcy dragging the notes down.

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