Marriott, William Carter, O-I Glass, Wolverine price; United Airlines on deck

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 6 – The domestic high-yield primary market was in high gear on Wednesday with four issuers pricing a cumulative $2 billion in single tranche offerings and the forward calendar growing.

O-I Glass, Inc. priced an upsized $700 million issue, Marriott Vacations Worldwide Corp. priced an upsized $500 million issue, William Carter Co. priced an upsized $500 million issue, and Wolverine World Wide, Inc. priced a $300 million issue.

All eyes will be on United Airlines Inc. on Thursday when it is expected to price its $2.25 billion two-tranche of senior secured notes (Ba2/BB-/BB+).

Azek Building Products, Inc. also joined the forward calendar with a $320 million offering of five-year senior notes.

Meanwhile, the secondary space remained quiet on Wednesday with trading volume light as market players eyed the new deals in the pipeline.

Norwegian Cruise Line’s 12¼% senior notes due 2024 (Ba2/BB) were in focus with the notes well above their issue price.

While volume was light, Avis Budget Car Rental, LLC’s recently priced 10½% senior notes due 2025 (Ba2/BB-) were also trading above their deeply discounted issue price.

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