IHS Markit add-on drives by as dollar primary back; ClubCorp climbs on Apollo buyout plan

By Paul Deckelman and Paul A. Harris

New York, July 10 – The dollar-denominated portion of the high-yield primary market came back to life on Monday after having taken more than a week off, as financial information company IHS Markit Ltd. priced an upsized and quickly shopped $300 million add-on to its existing February 2025 notes.

The offering was the first dollar-denominated transaction among domestic or industrialized-country borrowers seen since June 29, when five issuers had brought a total of $1.79 billion of such paper to market, according to Prospect News data.

The recently moribund dollar-denominated junk primary was scheduled to see another prospective issue emerge Monday as British auto manufacturer McLaren Automotive began a U.S. roadshow for the dollar-denominated tranche of a two-part, dual-currency five-year secured offering.

Secondary market traders said that as had been the case for much of last week, there was little activity among recently priced credits, although communications satellite operator Intelsat Jackson Holdings SA’s new eight-year paper, which came to market in mid-June, was somewhat busy, as it had been during Friday’s session.

There was also some volume seen in car-rental giant Hertz Corp.’s new five-year issue, which had priced right at the end of May.

Away from the new issues, golf club operator ClubCorp Holdings, Inc.’s bonds firmed smartly and its shares soared on the weekend announcement that it will be acquired by Apollo Global Management in a $1.1 billion deal.

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