Centene, Uniti, Asbury Automotive, VodafoneZiggo megadeals price; Innophos skyrockets

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 5 – A white hot high-yield primary market saw $5.88 billion of issuance clear in a Wednesday session that saw some deals upsizing, some pricing through talk and some pricing on foreshortened timelines.

At least two of Wednesday's deals came with schedules for brief roadshows. However, during the course of the session they morphed into drive-bys.

Uniti Group Inc. priced an upsized $2.25 billion issue of five-year senior secured notes (Caa1/CCC/B).

Centene Corp. priced a $2 billion issue of 10-year senior notes (Ba1/BBB-/BB+).

Asbury Automotive Group, Inc. priced $1,125,000,000 of senior notes (B1/BB) in two tranches.

And VodafoneZiggo priced approximately €1.35 billion equivalent of Ziggo Bond Co. BV 10-year senior notes (expected ratings B3/B-/B-) in two tranches.

Meanwhile, the secondary space continued to firm as equity markets once again brushed against record levels and crude oil futures rebounded.

New paper was the driving force of trading activity with several recent deals putting in strong performances in the secondary space despite pricing tight.

While the deal was small, Innophos Holdings Inc.’s 9 3/8% senior notes due 2028 (Caa1/B-) were active with the notes skyrocketing in the secondary space.

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