Intrepid Aviation prices; Ken Garff, Willscot on tap; Hi-Crush struggles; Party City down

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 30 – The domestic primary market saw some action on Monday with the forward calendar building.

However, the new paper did little to spur trading volume in the secondary space, which remained light, sources said.

Intrepid Aviation Group Holdings, LLC and Intrepid Finance Co. priced a downsized $500 million issue of three-year senior notes at par with a coupon of 8˝%.

While the new notes were seen above their issue price, they were slow to trade, sources said.

The forward calendar also grew with Ken Garff Automotive Group planning to price a $350 million offering and Willscot Corp. planning to price a $300 million offering of five-year senior secured notes during the July 30 week.

While the European primary market was quiet on Monday, the deals to price on Friday had mixed secondary performances with some seen well above and others hovering at their issue price.

The dollar-denominated paper to price last week remained in focus in the secondary space.

Hi-Crush Partners LP’s newly priced 9˝% senior notes due 2026 were “struggling” in secondary trading with the notes seen below their issue price, according to a market source.

While Party City Holdings Inc.’s new 6 5/8% senior notes due 2026 were above their issue price, the notes continued to weaken from their initial high in the secondary market.

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