Kinetik, Icahn each bring junk add-ons; USI at a premium; Spectrum Brands rally continues

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 15 – In an active mid-December Friday session in the high-yield primary market, two drive-by issuers price a $500 million total face amount of unsecured notes, with each issuer bringing a single add-on tranche.

Kinetik Holdings LP priced an upsized $300 million add-on to its 6 5/8% senior sustainability-linked notes due Dec. 15, 2028 (Ba1/BB+/BB+).

Icahn Enterprises LP and Icahn Enterprises Finance Corp. (IEP) priced an upsized $200 million add-on its of 9¾% senior bullet notes due Jan. 15, 2029 (Ba3/BB).

Meanwhile, the secondary space took a breather from its phenomenal post-Fed rally with the market either side of unchanged on Friday after adding more than 2 points in the past 2 sessions.

While activity in the space dwindled, new and recent deals remained active with performances strong as the market prepares to close 2023 at the height of the year.

USI Inc.’s new 7½% senior notes due 2032 (Caa1/CCC+) held on to a solid premium in active trade on Friday.

Spectrum Brands Holdings, Inc.’s 3 7/8% senior notes due 2031 (B2/B) continued their bull run with the notes hitting their highest point of the year in active trade.

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