Uniti Group drives by; Garda deal hits the road; overall market follows stocks higher

By Paul Deckelman and Paul A. Harris

New York, April 24 – The high-yield primary market opened the last trading week in April on Monday with one deal coming to market – a quickly shopped $200 million issue of 2024 notes from Uniti Group Inc., a communications infrastructure-oriented real estate investment trust. Those notes were quoted higher going home.

Besides that solitary pricing, the day saw an active roster of news developments in both the dollar- and the euro-denominated segments of the primary.

Syndicate sources said that Canadian business services provider Garda World Security Corp. began a roadshow for its $630 million eight-year note offering, while oil and natural gas exploration and production operator Covey Park Energy LLC likewise hit the road to market a $450 million eight-year bond deal.

Also out of the energy patch, Bill Barrett Corp. was heard to be shopping around $275 million of eight-year paper, with pricing on that transaction expected Tuesday.

Entertainment company Netflix, Inc. was meantime among several prospective issuers looking to do euro-denominated bond deals this week.

In the secondary arena, traders said that recently priced issues such as Friday’s new deals from Laureate Education, Inc., Clearwater Seafoods Inc. and Trilogy International Partners Inc. and Thursday’s deal from E.W. Scripps Co. all continued to firm on Monday.

Overall, the market had a firm tone, following the lead of equities, which shot up in the wake of the first round of voting in the French presidential election.

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