United megadeal a ‘blowout’; primary prices $3.65 billion; TransDigm lags

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 13 – Four dollar-denominated high-yield tranches from four issuers, totaling $3.65 billion, priced on Tuesday, as news volume in the primary market continued to be heavy.

Meanwhile, the secondary space was largely unchanged on Tuesday with inflationary data doing little to rattle investors.

New paper continued to dominate the tape although the deals to price during Monday’s session had a lackluster reception in the aftermarket.

TransDigm Inc.’s 4 7/8% senior subordinated notes due 2029 (B3/B-) were lagging their issue price in intraday activity, although they stood poised to close the day flat.

Midwest Gaming Borrower LLC’s 4 7/8% senior secured notes due 2029 (B3/B+) started the day flat although they improved as the session progressed.

Outside of recent issues, Telesat’s 6˝% senior notes due 2027 were trading off on the heels of the company’s latest offering.

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