Venture Global megadeal prices, gains on break; Cvent improves in junkland; Iqvia strong

By Abigail W. Adams

Portland, Me., May 19 – Venture Global LNG Inc. priced an upsized $4 billion, from $3.5 billion, two-tranche offering of five-year and eight-year senior secured notes on Friday.

The deal lifted the weekly tally of junk-rated tranches to $6.65 billion with the May 15 week the fourth largest of the year for new issuance.

The active pace is expected to continue in the coming week with the calendar already robust.

Olympus Water US Holding Corp. (Solenis) is on deck with a $2.125 equivalent two-tranche offering.

Mobius Merger Sub, Inc.’s $400 million offering of seven-year senior secured notes (B2/B/B+) backing the buyout of MoneyGram International Inc. is also expected to price although guidance was heard to be widening out from the initial 10½% to 11% yield.

Meanwhile, the secondary space launched the day on firm footing but weakness set in midway through the session with the market closing the day largely flat, a source said.

The deals to clear the market during Thursday’s session had mixed performances in secondary activity.

Iqvia Holdings Inc.’s new 6½% senior notes due 2030 (Ba2/BB) were the strongest performers of the deals to price throughout the week with the notes shooting up to a 101-handle.

Capstone Borrower Inc.’s 8% senior secured notes due 2030 (B2/B-/BB) backing Blackstone’s buyout of Cvent Holding Corp. improved after a weak break, although they were unable to break above par.

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