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W&T Offshore prices; Resideo hovers at par; Cable & Wireless trades up; HCA drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 5 – On a quiet Friday ahead of an extended holiday weekend, the domestic and European high-yield primary markets each saw one deal clear.
W&T Offshore, Inc. priced $625 million of five-year second-lien notes (B3/B) at par to yield 9¾%.
Playtech plc priced €530 million of five-year senior secured notes (expected ratings Ba2/BB) at par to yield 3¾%.
While the domestic primary market wrapped an active week, the forward calendar is thin with market conditions likely to stifle new issue activity in the week ahead.
Those market conditions were apparent in the secondary space which was again soft as the backup in Treasuries began to take its toll, sources said.
Despite the down day, Cable & Wireless Communications Ltd.’s 7½% senior notes due 2026 (B2/BB-/BB-) remained strong with the notes trading more than 1 point above issue.
Intertape Polymer Group Inc.’s 7% senior notes due 2026 (B2/B+) and Resideo Funding Inc.’s newly priced 6 1/8% senior notes due 2026 (B1/BB+) were trading at a slight premium to their issue price.
Meanwhile, HCA Inc.’s junk bonds were down ½ to 1 point in active trading in the secondary space.
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