Venture Global takes fresh pass at junk market, existing notes pressured; Rite Aid in focus

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 17 – The lights came up in the high-yield primary market on Tuesday as Venture Global LNG Inc. (B1/BB/BB-) announced plans to sell $4 billion of senior secured notes.

Elsewhere on the new issue bourse, co-issuers Global Aircraft Leasing Co., Ltd. and Global Sea Containers II Ltd. continue to shop their $1.95 billion offering of five-year senior PIK toggle notes (Ba2//BB-), to raise cash to pay off the Global Aircraft Leasing 6½% senior PIK toggle notes due September 2024.

Meanwhile, it was a heavy day in secondary trading with the cash bond market falling ¼ to 3/8 point as the market upped its bets for rate increases following retail sales data that took the market by surprise.

On the tape, Venture Global’s existing 8 1/8% senior secured notes due 2028 and 8 3/8% senior secured notes due 2031 (B1/BB/BB-) were under pressure in heavy volume as the natural gas producer takes another pass at the market.

Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/D/B) were in focus with the notes giving back some gains from a multipoint jump late Monday after the company’s Chapter 11 bankruptcy filing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.