Forgital prices; iHeart, Albertsons, Mattel at a premium; Freeport-McMoRan lags

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 2 – After another high-volume week for new deals in the domestic high-yield primary market, activity was light on Friday with one new deal pricing and another joining the forward calendar.

Forgital Group priced a $505 million issue of seven-year senior secured notes at par to yield 7 3/8%.

U.S. Farathane, LLC plans to start a roadshow on Monday for a $600 million offering of five-year senior secured notes.

Meanwhile, the secondary space closed the week on soft footing as renewed trade war tensions continued to rattle markets.

However, new paper dominated activity in the secondary space with the majority of new deals trading at premiums to their issue prices.

Forgital’s new 7 3/8% senior notes due 2026 jumped after breaking for trade.

iHeartCommunications, Inc.’s 5¼% senior notes due 2027 (B1/BB-) dominated activity in the secondary space with the notes trading at a slight premium to their issue price.

Albertsons’ 5 7/8% senior notes due 2028 (B3/BB-) and Mattel, Inc.’s 6% senior notes due 2027 were also trading at premiums to their issue prices.

However, Freeport-McMoRan Inc.’s 5% senior notes due 2027 and 5¼% senior notes due 2029 dipped further below their issue prices in active trading on Friday.

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