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Primary prices $5.37 billion in seven drive-by deals, largest daily total in two years
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 7 – Despite the volatility rocking capital markets on Tuesday, the high-yield primary market saw its biggest daily total in over two years.
Seven issuers, each bringing a single dollar-denominated tranche of junk, raised $5.37 billion – all in drive-by deals.
Iqvia Inc. priced a $1.1 billion drive-by issue of eight-year senior notes (Ba3/BB) at par to yield 5%.
Pharmaceutical Product Development, LLC (PPD) priced a $900 million issue of PIK toggle notes (existing ratings Caa1/CCC+) at 99.00 to yield 8.132%.
Springleaf Finance Corp., an indirect, wholly owned subsidiary of OneMain Holdings Inc., priced an upsized $800 million issue of senior bullet notes due Jan. 15, 2028 (Ba3/BB-) at par to yield 6 5/8%.
Icahn Enterprises LP and Icahn Enterprises Finance Corp. priced an upsized $750 million issue of seven-year senior notes (existing ratings Ba3/BB+) at par to yield 6¼%.
Service Corp. International priced a $750 million issue of 10-year senior notes (Ba3/BB) at par to yield 5 1/8%.
NRG Energy, Inc. priced a $733 million issue of 10-year senior notes (expected ratings Ba3/BB) at par to yield 5¼%.
And United Continental Holdings, Inc. priced a $350 million issue of non-callable 4 7/8% 5.7-year senior notes (Ba3/BB) at 99.374 to yield 5%.
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