Fortress, ams-Osram, Helix price; Nabors lags; TransDigm rises; funds add $4.55 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 16 – The high-yield primary market generated a strong and steady volume of news on Thursday.

Fortress Transportation and Infrastructure Investors LLC priced $500 million of 7 7/8% seven-year senior notes (Ba2/B+/BB-) at 99.333 to yield 8%, ams-Osram AG priced $400 million of 12¼% notes due March 30, 2029 at 99.087 to yield 12½%, and Helix Energy Solutions Group, Inc. priced $300 million of 9¾% senior notes due March 1, 2029 (B1/BB-/BB-) at 99.526 to yield 9 7/8%.

Executions appeared solid, with all three deals pricing in the middle of talk.

Thursday’s action left a substantial $1.75 billion active calendar.

The secondary space saw a sideways session on Thursday with the cash bond market either side of unchanged despite Treasury yields that were once again dropping.

Nabors Industries, Inc.’s 9 1/8% senior priority guaranteed notes due 2030 (Ba3/B-/B+) lagged their issue price in heavy volume on a weak day for the energy sector.

Avis Budget Group, Inc.’s 8% senior notes due 2031 (B1/BB-) were also soft in the aftermarket with the notes closing the day below their discounted issue price.

However, TransDigm Inc.’s 7 1/8% first-lien senior secured notes due 2031 (Ba3/B+) closed the day at a premium to their discounted issue price.

Junk funds added another $4.55 billion in the week through Wednesday’s close, according to a market source.

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