goeasy drives by; Tallgrass joins junk calendar; Uniti, Windstream jump on merger chatter

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 20 – In Tuesday’s high-yield new issue action, goeasy Ltd. priced a $400 million issue of 5.3-year senior notes (Ba3/BB-) at par to yield 7 5/8%, at the tight end of talk, in a drive-by.

The active forward calendar also took aboard one offering.

Tallgrass Energy Partners, LP commenced marketing a $400 million offering of Prairie Acquiror LP senior secured notes due Aug. 1, 2029.

Initial guidance has the deal coming to yield 9¼% to 9½%, with pricing expected Thursday.

Meanwhile, a soft open in the secondary space gave way to a firm close as the cash bond market pared losses to close the day largely unchanged.

TransDigm Inc.’s two tranches of first-lien senior secured notes (Ba3/B+) remained active although with little movement in their prices as the large, liquid issue traded alongside the broader market.

As market players awaited the new deals in the works, topical news was the driver of activity on Tuesday.

News that Windstream Communications and Uniti Group LP were in merger talks sparked large gains in both companies’ senior notes.

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