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Melco Resorts, Alight Solutions add-on price; MTS Systems, Horizon Pharma on tap
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 10 – The domestic high-yield primary market saw an uptick of activity on Wednesday with two deals pricing and two more set to price during Thursday’s session.
Melco Resorts Finance Ltd. priced an upsized $600 million issue of eight-year senior notes (expected Ba2/confirmed BB) at par to yield 5 5/8%.
The new paper was in focus and making gains in the secondary space after breaking for trade.
Alight Solutions also priced a $280 million add-on to the Tempo Acquisition LLC and Tempo Acquisition Finance Corp. 6¾% senior notes due June 1, 2025.
The activity will continue on Thursday.
MTS Systems Corp. is on deck with an upsized $350 million offering of eight-year senior notes (B3/B+).
And Horizon Pharma USA, Inc. is planning to price a $500 million offering of eight-year senior notes (expected ratings B1/B+).
The European primary market also saw some action with Domestic & General planning a roadshow for a £630 million three-part offering.
Crude oil futures also helped lift the secondary space as they reached their highest level in seven weeks.
McDermott International, Inc.’s 10 5/8% senior notes due 2024 jumped in high-volume activity on Wednesday after the company announced it had been awarded a substantial contract.
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