Tallgrass prices; Envision’s $1.625 billion offering on tap; Refinitiv weakens

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 24 – The domestic primary market remained active in the final week of September with one deal pricing and two more on tap, including Envision Healthcare Corp.’s closely watched $1.625 billion offering.

Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp. priced an upsized $500 million issue of five-year senior notes in a Monday drive-by. The notes were active after breaking for trade but were largely hovering around their issue price.

Envision Healthcare began a roadshow on Monday for its $1,625,000,000 offering of eight-year senior notes.

Ascent Resources Utica Holdings, LLC also began a roadshow on Monday for a $600 million offering of eight-year notes.

The European primary market’s forward calendar also continued to grow with Getlink SE on the road with its €500 million offering of five-year senior secured green notes (expected ratings /BB/BB+).

Meanwhile, Refinitiv’s dollar-denominated tranches continued to weaken on Monday with trading activity surrounding the notes dying down.

AkzoNobel NV’s 8% senior notes due 2026 (Caa1/B-/B-) were unchanged on Monday with the notes trading more than 1 point above issue price.

AkzoNobel and Refinitiv were the latest LBO financing deals to price. BMC Software’s 9¾% senior notes due 2026 (Caa2/CCC+), also brought to market to finance KKR’s acquisition of the company, remained strong in the secondary market.

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