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JW Aluminum prices; Carriage Services, Tervita on tap; Mattel off; PetSmart in focus
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 22 – The domestic and European primary market each saw one deal price during Tuesday’s session. While new issue volume has been low, the domestic primary market stands poised for a busy mid to end of the week, market sources said.
JW Aluminum Continuous Cast Co. priced a $285 million issue of eight-year senior secured notes (B3/B-) at par to yield 10¼% late Tuesday.
Chemours Co. priced a €450 million issue of eight-year senior notes (Ba3/BB-) at par to yield 4%.
Mattel, Inc. set price talk for its $500 million add-on to its 6¾% senior notes due Dec. 31, 2025 (B1/BB-/BB) and Carriage Services, Inc. set price talk for its $325 million offering of eight-year senior notes with both expected to price on Wednesday.
Mattel’s 6¾% senior notes due 2025 have been under pressure since the company announced the add-on.
Offerings from Tervita Corp., Graham Holdings Co., TMX Finance LLC and Atotech BV may also price before the week comes to a recommended early close for Memorial Day weekend.
However, there will be no pricing of Ithaca Energy (North Sea) plc’s $350 million offering, which had been expected on May 17. Ithaca Energy has postponed the deal citing market conditions.
Meanwhile, the secondary market was mixed.
PetSmart Inc.’s junk bonds were major volume movers on Tuesday with the notes off another 1 to 1½ point after a new CEO announcement.
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