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Darling Ingredients, Surgery Center price; MGM, Realogy trade up; Nexeo Plastics jumps
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 28 – The domestic high-yield primary market remained active on Thursday with two new deals pricing.
Darling Ingredients Inc. priced a $500 million issue of eight-year senior notes (Ba3/BB+) at par to yield 5¼%.
Surgery Center Holdings, Inc. priced a $430 million issue of eight-year senior notes (Caa2/CCC) at par to yield 10%.
The European primary market was also active with Netherlands-based Leaseplan Corp. NV pricing €1.35 billion of five-year senior secured notes in two tranches.
Meanwhile, new paper was in focus in the secondary space.
MGM Resorts International’s 5½% senior notes due 2027 (existing ratings Ba3/BB-) and Realogy Group LLC’s 9 3/8% senior notes due 2027 (B2) were both seen well above their issue price in active trading in the secondary space.
While volume remained light, Nexeo Plastics’ recently priced 10 1/8% senior notes due 2026 jumped with the notes now almost 4 points above their issue price. PG&E Corp.’s 6.05% senior notes due 2034 continued to see gains in high-volume activity with the notes shooting up to 102 in intra-day trading.
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