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Primary prices $3.14 billion; Jaguar upsizes; Southeastern Grocers in focus; Uniti active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 7 – The domestic high-yield primary market picked up its pace on Wednesday with four issuers pricing a cumulative $3.14 billion face amount.
In a revival story, Jaguar Land Rover Automotive plc priced an upsized $700 million issue of five-year guaranteed senior notes (B1/B/B) after previously walking away from the high-yield market in February.
White Cap Buyer LLC priced a $640 million issue of eight-year senior notes (B2/B) and H.B. Fuller Co. priced a $300 million issue of eight-year senior notes (B2/BB-/BB).
The forward calendar also continued to grow.
Meanwhile, the secondary space was firm on Wednesday after President Trump reversed course on stimulus to offer targeted relief.
The risk-on sentiment returned with the market up about ¼ point, a source said.
Southeastern Grocers’ recently priced 5 5/8% senior secured notes due 2028 (B2/B+) were in focus with the notes making large gains in high-volume activity.
Apache Corp.’s 4 7/8% senior notes due 2027 were also on the rise in active trading.
Uniti Group Inc.’s capital structure was active although mixed following a credit upgrade.
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