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ON Semiconductor, Southwestern Energy, iStar, Hannon Armstrong price; GFL lags
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 18 – The domestic high-yield primary market continued to churn out deals at an active clip with five issuers pricing a cumulative $2.13 billion during Tuesday’s session.
ON Semiconductor Corp. priced an upsized $700 million issue, iStar Inc. priced $400 million, Hannon Armstrong Co. priced an upsized $375 million, and Southwestern Energy Co. priced $350 million.
Range Resources Corp. also priced an upsized $300 million add-on to its 9¼% senior notes due Feb. 1, 2026 (B3/B+).
Wednesday also promises to be busy with offerings from Wynn Macau Ltd., New Fortress Energy Inc., and Pike Corp. on deck.
Meanwhile, the secondary space was little changed on the day with focus remaining on new issues, a source said.
However, the deals to clear the primary market on Monday saw a lackluster reception in the secondary space.
NCR Corp.’s two tranches of senior notes (B3/BB-) saw heavy volume on Tuesday; however, with little movement in price.
GFL Environmental Inc.’s 3¾% senior secured notes due 2025 (Ba1/BB) were lagging their issue price in high-volume activity.
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