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Ken Garff prices; Herbalife, BMC on tap; Intelsat sees massive demand; FS, PGT gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 3 – The domestic high-yield primary market rounded out the week with the pricing of one new deal.
Ken Garff Automotive Group sold an upsized $375 million issue of five-year senior notes (B1/B) at par to yield 7½%.
The deal was seen trading at a slight premium to its issue price in the secondary.
The new paper that entered the secondary space over the past week performed well with PGT Innovations, Inc.’s newly priced 6¾% notes due 2026 (B3/B) more than 1¼ points above their issue price.
FS Energy, LLC’s newly priced 7½% senior notes due 2023 (Ba3/BB-) also continued to improve and were seen about ¾ point above their issue price.
However, no deal was as highly sought after as Intelsat Connect Finance SA’s newly priced 9½% notes due 2023, which was massively oversubscribed during bookbuilding despite garnering a Ca/CCC- rating.
Those notes dominated trading activity on Friday, a day some called “painfully slow.”
While the forward calendar is thin, BMC Software Inc. (Banff Merger Sub Inc.)’s $1,825,000,000 equivalent dual-currency offering of eight-year senior notes (Caa2/CC+) is on deck for the Aug. 6 week.
Herbalife Nutrition Ltd.’s $400 million offering of eight-year senior notes is also on tap.
While trading activity was light in the secondary space, the market remained strong.
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