Studio City prices; Grief, TransDigm on tap; PG&E improves; HCA, Tenet Healthcare trade up

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 29 – One deal cleared the domestic high-yield primary market during Tuesday’s session with two more on tap for Wednesday.

Meanwhile, the European primary market’s forward calendar continued to build.

Studio City Co. Ltd. priced an upsized $600 million issue of five-year senior notes (B2/B+) at par to yield 7¼%.

TransDigm, Inc. reorganized its $3.7 billion offering (expected rating Ba3/B+/BB), upsizing one tranche and withdrawing another from the market.

Greif Inc. set official price talk for its $500 million offering of eight-year senior notes (B1/BB-).

Both deals are expected to price during Wednesday’s session.

In the European primary market, Parts Europe SA, formerly Autodis, joined the forward calendar with a €175 million amount of non-fungible senior secured floating-rate add-on notes due May 1, 2022 (expected B3/confirmed B).

Meanwhile, the secondary space was up about 1/8 point on Tuesday, which was a strong day for the energy sector with crude oil futures jumping to $53.31, an increase of 2.54%.

Pacific Gas Electric Co.’s senior notes were again in focus in the secondary space with the notes improving after the company filed for Chapter 11 bankruptcy.

HCA Inc.’s recently priced junk bonds were gaining strength on Tuesday after the company announced fourth-quarter earnings. Tenet Healthcare Corp.’s recently priced 6¼% senior notes due 2027 were also improving Tuesday.

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