Morning Commentary: Borrowers storm high-yield new issue market on mega-Monday

By Paul A. Harris

Portland, Ore., Sept. 14 – Issuers stormed into the high-yield primary market en masse on Monday, much as happened on the Tuesday following Labor Day.

New deal headlines are as follows:

• Altice France to price €900 million equivalent two-part eight-senior notes on Tuesday;

• AM General starts roadshow for $600 million eight-year notes backing buyout by KPS Capital;

• Asbury Automotive to price $250 million two-part add-on deal in Monday drive-by;

• Cheniere to price $1 billion eight-year notes on Tuesday; initial talk high 4% area;

• Consolidated Communications markets $1 billion eight-year secured notes; initial talk low 7% area;

• Delta starts telephone roadshow for $4 billion two-part bullet deal;

• Gartner driving by with $800 million 10-year notes; initial talk 4% to 4 1/8%;

• Hologic to price $950 million 8.3-year notes in Monday drive-by; whisper 3¼% to 3½%;

• Pactiv Evergreen to price $1 billion seven-year notes; early guidance 4¼% to 4½%;

• Park Hotels & Resorts to price $650 million secured notes on Tuesday; talk low-to-mid 6% area;

• Shea Homes driving by with $300 million 8.5-year notes; initial talk 4¾% to 4 7/8%;

• Uber driving by with $500 million 7.3-year notes; initial talk 6½% area.

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