Williams Scotsman active; Hi-Crush struggles continue; Hanesbrands drops; Intelsat gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 1 – August, traditionally a slow month in the new issue market, got off to a rolling start on Wednesday with much of the news flowing out of Europe.

Spain's WiZink priced a €515 million issue of five-year senior secured PIK toggle notes (expected ratings B+/BB-) at par with a cash coupon and yield of 6½%.

Nexans SA priced an upsized €325 million issue of five-year senior bullet notes (S&P: expected BB) at par to yield 3¾%.

While the European market saw the only deals to price on Wednesday, Intelsat Connect Finance SA joined the forward calendar with plans to price $1 billion of five-year senior notes on Thursday.

Intelsat’s junk bonds were active in the secondary space with some seeing as much as a 2 point gain after the company announced the refinancing deal.

Three smaller deals from FS Energy, LLC, Ken Garff Automotive Group, PGT Innovations, Inc. are also slated to price before the week draws to a close.

BMC Software's dual-currency offering of $1,825,000,000 equivalent eight-year senior notes (Caa2/CCC+) is also in the market with pricing expected during the Aug. 6 week.

New paper from Williams Scotsman International Inc. remained active in the secondary space although with little movement in price.

Hanesbrands Inc.’s junk bonds were losing ground after the company announced its 15-year contract with Target for the C9 Champion brand would not be renewed.

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