Univar starts roadshow; junk secondary flat post-Fed; Veritas up on earnings; Nielsen lower

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 14 – While no deals cleared the domestic high-yield bond primary market on Wednesday, the long-awaited Univar deal, which began being telegraphed to the market in mid-to-late May, was formally announced.

Windsor Holdings III, LLC started a roadshow for a $1.8 billion offering of seven-year senior secured notes (B2/B+/BB+) backing the buyout of Univar Solutions Inc. by Apollo.

Meanwhile, it was Fed Day in the secondary space with all eyes on the Federal Open Market Committee’s afternoon announcement and chair Jerome Powell’s press conference.

And while the secondary space had a temporary bout of volatility surrounding a more hawkish tone than anticipated, the market closed the day largely unchanged.

With the broader market largely quiet with little resolution to the rate debate, earnings and topical news was the driver of activity in the space.

Veritas US Inc. and Veritas Bermuda Ltd.’s 7½% senior secured notes due 2025 (B3/B-) were among the largest gainers of the session following an earnings beat.

Nielsen Holdings plc’s 9.29% senior secured notes due 2029 (B2/B/BB) were lower in heavy volume with investors unimpressed as the company unveiled a new program to aid its transition.

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