Morning Commentary: Altice France, ADT offer upsized deals; junk bond pipeline fills

By Cristal Cody

Tupelo, Miss., Sept. 13 – Friday the 13th may prove lucky for some companies that plan to tap the high-yield primary market during the session.

Altice France SA expects to bring an upsized €2.5 billion equivalent dual currency offering of senior secured notes in three tranches.

The deal includes €500 million of notes due Jan. 14, 2025, €1 billion of notes due Jan. 15, 2028 and $1.1 billion of notes due Jan. 15, 2028.

Initial price talk on the euro-denominated 2025 notes was in the 2¾% area, and guidance on the euro-denominated notes due 2028 was in the 3½% area. Price guidance on the dollar notes was in the 5 5/8% area.

ADT Inc. is offering an upsized $600 million add-on to its 5¾% first priority senior secured bullet notes due April 15, 2026 on Friday.

Price guidance firmed to 102 from initial talk in the 102 to 102.5 area.

Meanwhile, Core & Main Holdings LP is on deck with $400 million of PIK toggle notes due 2024.

Guidance on the notes was at 8¾%.

Ryman Hospitality Properties, Inc. is offering up to $500 million of senior notes due 2027 with initial price talk in the high 4% area.

Installed Building Products, Inc. plans to price $300 million of senior notes due 2028 that were initially talked to price at the 6% to 6¼% area.

Advanced Drainage Systems, Inc. also is gearing up to hold a roadshow in the week ahead for up to $350 million of Rule 144A- and Regulation S-eligible senior notes due 2027.

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