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Uber, Nine Energy, JBS price; CBL active; Golden Nugget gains, Caesars drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 18 – The domestic and European primary market saw a burst of activity on Thursday after a quiet start to the week, although much of the new deal activity saw out-of-the-ordinary executions.
Uber Technologies Inc. privately placed an upsized $2 billion two-tranche offering of junk bonds.
The notes were allocated on Wednesday and freed to trade on Thursday.
While trading well above their issue price, the new paper saw light volume.
Nine Energy Service, Inc. priced a $400 million issue of five-year senior notes (B3/B) at par to yield 8¾%.
In an emerging market deal eyed by high-yield accounts, JBS SA priced a $500 million issue of 7% senior notes due Jan. 15, 2026 (Ba3/BB-/BB-) at 99.319 to yield 7 1/8%.
In the European primary market, UGI International, a subsidiary of UGI Corp., priced an upsized €350 million issue of seven-year senior notes (Ba1//BB+) at par to yield 3¼%.
While new paper from Uber was slow to trade, CBL Properties’ 5.95% senior notes due 2026 were among the most actively traded issue of the day.
The notes were making gains after the company announced a sale of one of its properties and plans for the redevelopment of locations occupied by Sears.
Golden Nugget, Inc.’s junk bonds were also active and making gains as Caesars Entertainment Corp.’s junk bonds dropped on news of a potential merger of the gaming companies.
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