Fortress prices add-on, Lonestar ahead; new Mattel busy; Kindred jumps on Humana talks

By Paul Deckelman and Paul A. Harris

New York, Dec. 18 – The high-yield primary market saw but a single small deal get done on Monday as activity was starting to wind down ahead of the year-end holidays.

Fortress Transportation and Infrastructure Investors LLC priced a quickly shopped and upsized $100 million add-on to its existing $350 million of 2022 notes.

Traders did not report any initial aftermarket dealings in the name.

There meantime remains just one more regularly scheduled forward calendar transaction waiting to price – Fort Worth, Texas-based energy operator Lonestar Resources US Inc.’s planned $250 million five-year offering.

But traders saw intense activity on Monday in Friday’s big deal from toy manufacturer Mattel Inc. Its eight-year megadeal moved up sharply from its par pricing level, though it came down from its initial highs.

Volume soared to over $130 million, easily dominating the day’s Most Actives list.

Mattel’s existing notes – which had gotten knocked around last week after a multiple ratings downgrade pushed the name squarely into Junkbondland – rebounded from those recent lows.

Elsewhere, Kindred Healthcare Inc.’s notes climbed on the news that the operator of acute-care hospitals, rehabilitation centers and hospice facilities and home healthcare provider is in what have been described as advanced talks to be acquired by insurance giant Humana Inc. and several private-equity companies in a transaction valued at some $4 billion, debt included.

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