Junkland: RingCentral prices; Tenneco eyed; Cushman at a premium; Solenis above water

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 11 – RingCentral Inc. unexpectedly awoke the high-yield primary market on a sleepy summer Friday and priced its $400 million offering of seven-year senior notes (B1/BB/BB) on an accelerated timeline.

The accelerated pricing left just one deal on the active forward calendar heading into the weekend – Tenneco Inc.’s $1.75 billion offering of 8% senior secured notes due November 2028, which is heard to be coming at a deep discount.

Meanwhile, the secondary space was either side of unchanged in muted activity on Friday as market players digested the latest piece of inflationary data.

The Producer Price Index report came in hotter than expected, a foreboding sign for a market that has largely expected an end to Federal Reserve rate increases.

With the macro picture still in doubt and the majority of deals to price over the past week largely finding their levels, trading volumes were thin during Friday’s session although there remained pockets of activity.

Cushman & Wakefield U.S. Borrower, LLC’s 8 7/8% senior secured notes due 2031 (Ba3/BB) were trading at a strong premium to their discounted issue price in heavy volume.

Olympus Water US Holding Corp.’s (Solenis) 9¾% senior secured notes due 2028 (B3/B-) held on to the strong gains made the previous session with the company’s first earnings report since its acquisition of Diversey besting expectations.

© 2015 Prospect News.
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