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Gaming and Leisure plans $1 billion drive-by; Fair Isaac, Avation up
By Paul A. Harris
Portland, Ore., May 7 – Gaming and Leisure Properties, Inc. unveiled a $1 billion two-part split-rated senior bullet deal (expected ratings Ba1/BBB-) in an otherwise quiet Monday primary market.
The debt refinancing deal is coming in tranches of seven-year notes with initial price talk of 5 3/8% and 10-year notes with initial price talk of 5¾%.
It is expected to price in a drive-by prior to Monday’s close.
Wells Fargo is the left bookrunner.
Elsewhere, the first Monday of May is a bank holiday in the United Kingdom, which has served to curtail the amount of new issue news emanating from the European high-yield primary market, sources said.
Fair Isaac’s fair-sized gain
Trading activity was very light as the May 7 week got underway in New York, according to a bond trader working there.
High-yield ETFs were unchanged on the morning.
The SPDR Blmbg Barclays High Yield Bd ETF (JNK) was unchanged at midmorning at $35.71 per share.
Among recent issues Fair Isaac Corp.’s 5¼% senior notes due May 2026 (Ba2/BB+) were trading well in the secondary market at 101 1/8 bid, 101 5/8 offered on Monday, the trader said.
The $400 million issue priced at par on May 1.
Bonds priced last week by Singapore’s Avation plc were also turning in a solid secondary performance at par ¾ bid, 101 ¼ offered, up ¾ of a point.
Avation’s 6½% senior notes due May 15, 2021 (B/BB-) came at par in a $300 million offering on May 3.
Bonds priced last week at a discount by TransDigm Group Inc. were also turning in a good secondary market performance at par 3/8 bid, par 7/8 offered.
TransDigm’s 6 7/8% senior subordinated notes due May 15, 2026 (B3/B-) came at 99.24 to yield 7% in a $500 million issue on May 2.
Some other recent deals were straddling the balk line or hovering slightly below it.
American Builders & Contractors Supply Co., Inc. 5 7/8% senior notes due 2026 (B3/B+) sold via subsidiary ABC Supply Co., Inc. were at 99½ bid, par offered on Monday, the trader said.
The downsized $600 million deal priced at par on May 1, at the wide end of price talk.
And GFL Environmental Inc.’s 7% senior notes due June 2026 (Caa1/B-) were at 99½ bid, par offered.
The $400 million issue priced at par on May 3.
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