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Morning Commentary: AmeriGas driving by; Solenis books build; Venture Global at premium
By Abigail W. Adams
Portland, Me., May 22 – The domestic high-yield bond primary market stood poised for another active week with three deals on the forward calendar and one drive-by offering set to price during Monday’s session.
AmeriGas Partners LP and AmeriGas Finance Corp. plan to price $500 million of five-year senior notes (B1//BB-) that are non-callable for two years in a Monday drive-by with early guidance for a yield in the low 9% area, according to a market source.
The market is expecting additional issuers to step forward throughout the week with the long weekend and continued uncertainty regarding the debt-limit driving issuers to the market.
The Olympus Water US Holding Corp. (Solenis) $2.125 billion equivalent two-tranche offering of long five-year senior secured notes backing the acquisition of Diversey Holdings Ltd. is expected to price during Tuesday’s session.
The books were heard to be around deal size with the dollar-denominated tranche heard to be upsizing to $1.85 billion from the initial $1.625 billion and the euro-tranche downsizing, according to a market source.
Guidance remains in the high 8% area.
Meanwhile, it was a slow start to the day in the secondary space with the cash bond market unchanged as the market awaits developments in debt-ceiling negotiations.
Venture Global LNG Inc.’s two tranches of senior secured notes (B1/BB/BB-) continued to trade at a healthy premium to issue price.
The 8 1/8% senior secured notes due 2028 and 8 3/8% senior secured notes due 2031 were changing hands in the par ½ to par ¾ context in heavy volume early in the session.
The LNG producer and exporter priced a $2 billion tranche of the 8 1/8% notes and a $2 billion tranche of the 8 3/8% notes at par on Friday.
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