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Mohegan prices; TransDigm comes in; SBA flat; Mercer, California Resources soar
By Abigail W. Adams
Portland, Me., Jan. 15 – The domestic high-yield primary market slowed its pace on Friday with only one deal pricing after the torrent of drive-by activity the previous session.
However, the coming week promises to be active with a few deals joining the forward calendar.
Following a roadshow, Mohegan Gaming & Entertainment priced $1.175 billion five-year senior secured notes (Caa1/B-).
Looking ahead, Truck Hero Inc. began marketing a $550 million offering of eight-year non-call three-year senior notes (Caa2/CCC) and Ineos Quattro began a roadshow for a €2 billion equivalent dual-currency four-tranche megadeal on Friday.
The offerings join Park River Holdings Inc. on the forward calendar.
Meanwhile, in the secondary space TransDigm Inc.’s 4 5/8% senior notes due 2029 (B3/B-) were in focus with the notes coming in from the heights reached after breaking for trade.
SBA Communications Corp.’s 3 1/8% senior notes due 2029 (B1/BB-) fell flat in the aftermarket, which sources attributed to their tight pricing.
However, Mercer International Inc.’s 5 1/8% senior notes due 2029 (Ba3/B+) and California Resources Corp.’s 7 1/8% senior notes due 2026 (B2/B+) were putting in strong performances with both issues trading up to a 102-handle.
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