Eight issuers tap primary market; Cedar Fair flat; Adient trades up; Ford weakens

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 21 – The domestic high-yield primary market was on fire on Tuesday with eight issuers stepping forward, despite the weakness in the market.

Univision Communications Inc., Builders FirstSource Inc., Alliant Holdings Intermediate LLC, Kaiser Aluminum Corp., Sally Beauty Holdings, Inc., Performance Food Group Inc., Navistar International Corp., and SeaWorld Entertainment, Inc. all stepped forward with offerings.

Meanwhile, the secondary space was again soft on Tuesday as the rout in WTI crude oil futures spilled into the June contract.

However, focus remained on new paper with several recent deals putting in mixed performances in the secondary space.

Ford Motor Co.’s three tranches of senior notes (Ba2/BB+/BBB-) continued to dominate activity in the secondary space with the notes sinking further below their issue price in the high-volume activity.

Cedar Fair Entertainment Co.’s 5½% senior secured notes due 2025 (Ba2/BB-) remained wrapped around par in high-volume activity.

However, Adient US LLC’s 9% first lien senior notes due 2025 (Ba3/B+) were trading at a steep premium in the aftermarket.

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