Primary prices $2.9 billion; Newell trades up; Herbalife flat; funds add $1.64 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 21 – The domestic high-yield primary market saw an explosion of activity on Thursday with seven issuers pricing a cumulative $2.9 billion in eight tranches.

Pharmaceutical Product Development priced an upsized $1.2 billion, United States Steel Corp. priced an upsized $1 billion, Teleflex Inc. priced $500 million, Clark Equipment Co. priced $300 million, Northwest Fiber, which does business as Ziply Fiber, priced $250 million, and Cooper-Standard Automotive Inc. priced $250 million.

XPO Logistics, Inc. priced a $300 million add-on to its 6¼% senior notes due May 1, 2025 (Ba3/BB-).

Meanwhile, in the secondary space, Newell Brands Inc.’s 4 7/8% senior notes due 2025 (Ba1/BB+/BB) were well above their issue price in high-volume activity.

However, Herbalife Nutrition Ltd. and HLF Financing, Inc.’s 7 7/8% senior notes due 2025 (B1/BB-) largely fell flat.

Dedicated funds saw inflows of $1.637 billion for the week ending Wednesday, according to Refinitiv Lipper US Fund Flows.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.