ABC Supply downsizes; Neptune, Fair Isaac price tight; Oasis active; WeWork loses more

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 1 –Dollar-denominated new issuances saw an uptick of activity on Tuesday with three deals pricing and the forward calendar continuing to build.

ABC Supply Co., Inc. priced a downsized $600 million issue of eight-year senior notes (B3/B+) at par to yield 5 7/8% in a quick-to-market trade on Tuesday.

Neptune Energy Group Midco Ltd. and Neptune Energy Bondco plc priced an upsized $550 million issue of eight-year senior notes (B2/BB-) at par to yield 6 5/8%.

While the new notes priced early in the session, they saw limited trading activity and were quoted below par.

Fair Isaac Corp. priced a $400 million issue of non-callable eight-year senior notes (Ba2/BB+) at par to yield 5¼%.

Avation plc launched a $300 million offering of three-year senior notes (S&P: expected B/Fitch: expected BB-) on Tuesday, and TransDigm Group plans to price $500 million of TransDigm UK Holdings plc senior subordinated notes due May 2026 (B3/B-) on Wednesday.

As the primary market prepared new paper, Oasis Petroleum Inc.’s newly priced 6¼% senior notes due 2026 (B3/BB-) were among the most actively traded in the secondary space with the notes continuing to trade just north of par, a market source said.

WeWork Cos. Inc.’s newly priced 7 7/8% senior notes due 2025 (Caa1/B+/BB-) continued to disappoint on Tuesday with the notes dipping into the 95 range after pricing at par on April 25.

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