Clearway prices; Refinitiv downsizes; International Game Technology on tap

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 17 – While the domestic primary market launched what promises to be an active week with one deal pricing, all eyes are on the deal that is expected during Tuesday’s session.

Clearway Energy Operating LLC priced an upsized $600 million issue of seven-year senior notes (Ba2/BB) in a Monday drive-by. The notes were gaining strength in active trading in the secondary space.

Refinitiv downsized its closely watched offering of senior notes and adjusted pricing with the deal expected on Tuesday.

International Game Technology plc joined the forward calendar and launched a short roadshow for a $500 million offering of seven-year bullet notes (Ba2/BB+) on Monday.

In the European primary market, Italmatch Chemicals SpA also launched a roadshow for a €410 million offering of six-year senior secured floating-rate notes.

Meanwhile, the four deals to price on Friday saw mixed performances in the secondary space.

Fortress Transportation and Infrastructure Investors’ 6½% senior notes due 2025 (B1/B+) were the most active of Friday’s deals with the notes trading up during Monday’s session.

Schweitzer-Mauduit International, Inc.’s 6 7/8% senior notes due 2026 (B2/B+) also improved although trading of the notes was light.

While still well above their issue price, Carvana Co.’s 8 7/8% senior notes due 2023 (Caa2/CCC+) were down slightly in light trading.

Enova International, Inc.’s 8½% senior notes due 2025 (B3/B-) dropped below their issue price in active trading on Monday.

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