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Fair Isaac prices; Lithia Motors up, Norwegian Cruise flat; AK Steel jumps, Cleveland-Cliffs drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 3 – The domestic high-yield primary market slowed its pace on Tuesday with one deal pricing and only one more on the active forward calendar.
Fair Isaac Corp. priced an upsized $350 million issue of 8.5-year senior notes (Ba2/BB+) at par to yield 4% in a quick-to-market trade.
Twitter, Inc.’s $600 million offering of eight-year senior bullet notes (Ba2/BB+) is the only deal currently on the active forward calendar with pricing expected on Thursday.
Meanwhile, the secondary space was soft on Tuesday with renewed pessimism over the United States and China reaching a trade agreement sparking a sell-off in equities.
Charter Communications’ 4¾% senior notes due March 1, 2030 (B1/BB/BB+) were the most active issue in the secondary space following Monday’s add-on.
Lithia Motors, Inc.’s 4 5/8% senior notes due 2027 (Ba2/BB) were putting in a strong performance in the secondary space while Norwegian Cruise Line Holdings Ltd.’s 3 5/8% senior notes due 2024 (Ba2/BB+) were stuck at their issue price.
Outside of recent issues, news that Cleveland-Cliffs Inc. was acquiring AK Steel Corp. in an all-stock transaction sparked activity in both companies’ capital structure.
While AK Steel’s junk bonds jumped on the news, Cleveland-Cliffs junk bonds dropped.
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