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Adient, Greystar price; Netflix active; California Resources sells off; Bombardier down
By Abigail W. Adams
Portland, Me., April 25 – The domestic primary market remained active on Thursday with one upsized deal and one add-on deal pricing.
Adient US LLC priced an upsized $800 million issue of seven-year senior secured notes (Ba2/BB-) at par to yield 7%.
Greystar Real Estate Partners, LLC priced an upsized $90 million add-on to its 5¾% senior notes due Dec. 1, 2025 (B1) at 99.5 in a quick-to-market Thursday trade.
The European primary market was also active with FNAC Darty SA pricing €650 million of senior notes in two tranches.
Meanwhile, the secondary space was soft on Thursday with several names under pressure. However, new paper continued to perform well.
Adient’s new notes soared in high-volume activity out of the gate, while the automotive seating company’s 4 7/8% senior notes due 2026 also continued to gain ground.
Netflix, Inc.’s newly priced 5 3/8% senior notes due 2029 remained active although largely flat in secondary trading.
California Resources Corp.’s junk bonds saw a sell-off on Thursday in response to concern over legislation limiting oil and gas production in California.
Bombardier Inc.’s junk bonds were also trading down after the aerospace and transportation company slashed its first quarter and full-year guidance.
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