GFL Environmental, Howmet Aerospace; Aramark price; Netflix eyed; new issues in focus

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 22 – Razor-sharp executions continued in the domestic high-yield primary market on Wednesday with the three deals to price, upsizing and coming tighter than talk.

Aramark Services, Inc. priced an upsized $1.5 billion issue of five-year senior notes (B1/BB-).

In a split-rated deal, Howmet Aerospace Inc. priced an upsized $1.2 billion split-rated issue.

And GFL Environmental Inc. priced an upsized $500 million issue.

The tight executions are expected to continue on Thursday with Netflix, Inc. in the market with a $1 billion equivalent dual-currency offering.

Meanwhile, the secondary space firmed on Wednesday with equity markets and crude oil futures rebounding.

New paper continued to dominate trading activity with the majority of the deals that priced during Tuesday’s session putting in strong performances in the secondary space.

Kaiser Aluminum Corp.’s 6½% senior notes due 2025 (B1/BB+/BB) and Univision Communications Inc.’s 9½% senior notes due 2025 (B2/B) outperformed with both issues trading up to a 102-handle.

Builders FirstSource Inc.’s 6¾% senior notes due 2027 were active following Tuesday’s add-on and trading several points above their reoffer price.

As one of the larger issues, Navistar International Corp.’s 9½% senior notes due 2025 saw high-volume activity on Wednesday with the notes trading at a premium.

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