Morning Commentary: Cheniere, Triumph, KeHE, Encompass Health, Patrick offer notes

By Cristal Cody

Tupelo, Miss., Sept. 9 – The junk bond market roared to life on Monday with a number of deals being marketed.

Cheniere Energy Partners, LP is offering $1 billion of 10-year senior notes with initial price talk in the 4 5/8% to 4 7/8% area.

Triumph Group, Inc. is on deck with $525 million of senior secured notes due 2024. The notes were whispered to price in the low 7% area.

KeHE Distributors LLC expects to price a $200 million Rule 144A and Regulation S offering of senior secured second-lien notes due 2026.

Encompass Health Corp. intends to price $800 million of registered senior notes due Feb. 1, 2028 and senior notes due Feb. 1, 2030 on Monday.

Also during the session, Patrick Industries, Inc. is marketing a $300 million offering of senior notes due 2027 with investor calls. Pricing is expected on Thursday.

Meanwhile, International Game Technology plc plans to price €500 million of senior secured notes due 2028.

The junk bond primary market is expected to be busy this week after issuers brought more than $4.5 billion of bonds last week, sources report.

Several loan and bond combination deals and BB-rated bond offerings are anticipated.

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