Berry downsizes; Q’Max on tap; NuStar, American Airlines hold premiums; Ally improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 17 – The domestic high-yield primary market remained active on Friday with one deal pricing.

Berry Global Group, Inc. priced a downsized $1.75 billion amount of senior secured notes in two tranches on Friday.

The calendar also continued to grow with Q'Max Solutions Inc. planning to market a $225 million offering of five-year senior secured notes in the coming week.

The deal joins Eldorado Gold Corp., CNG Holdings, Inc., Jefferies Finance LLC, and Neiman Marcus Group Ltd. LLC on the forward calendar.

Meanwhile, in the secondary market, Berry Global’s new tranches were seen trading at a slight premium to their issue price after breaking for trade.

NuStar Logistics, LP’s 6% senior notes due 2026 made the largest gains of the recent deals with the notes more than 1 point above their issue price.

American Airlines Group Inc.’s 5% senior notes due 2022 were among the most actively traded in the secondary space with the notes continuing to hold their ½ point premium.

Ally Financial Inc.’s 3 7/8% senior notes due 2024 continued to improve in active trading on Friday.

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