United Natural, Shift4 price; Ligado on deck; Rolls-Royce in demand; funds add $2.2 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 15 – The domestic high-yield primary market slowed its pace on Thursday with two issuers pricing a cumulative $950 million.

United Natural Foods Inc. priced an upsized $500 million issue of eight-year senior notes (B3/CCC+) and Shift4 Payments, LLC priced a $450 million issue of six-year senior notes (B2/B).

However, the domestic primary market may see an active end to the week with Ligado Networks LLC expected to price its $3.85 billion two-part offering of secured PIK notes.

In the secondar, Rolls-Royce plc’s newly priced 5¾% senior notes due 2027 (Ba3/BB-/BB+) were active, though.

While the notes were trading off their highs, they maintained a large premium in high-volume activity.

However, Freedom Mortgage Corp.’s 7 5/8% senior notes due 2026 (B2/B-/B+) fell flat in the aftermarket.

Mutual and exchange-traded funds had $2.204 billion of inflows in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.

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