JBS prices, Ensign Drilling on tap; Frontier active; Hexion jumps on bankruptcy agreement

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 1 – The domestic high-yield market was active on Monday with one upsized drive-by deal pricing and another joining the forward calendar.

JBS priced an upsized $1 billion issue of 10-year senior notes (Ba3/BB-) at par to yield 6½% in a quick-to-market trade.

Ensign Drilling Inc. is marketing a $700 million offering of five-year senior notes with pricing expected later the week.

The European primary market was also active with Loxam Group and SGL Carbon SE both beginning roadshows for euro-denominated offerings.

Meanwhile, the secondary space launched the week on firm footing although the space was quiet with trading volume light, sources said.

However, what did trade was trading higher, sources said.

The new paper from last week drifted from focus on Monday with Darling Ingredients Inc.’s 5¼% senior notes due 2027 (Ba3/BB+) and Surgery Center Holdings, Inc.’s 10% senior notes due 2027 (Caa2/CCC) largely flat in light volume.

Frontier Communications Corp.’s 8% senior notes due 2027 (B2/B/BB) were in focus with the notes reaching their highest level since pricing in mid-March.

Hexion Inc.’s 6 5/8% senior notes due 2020 jumped in high-volume activity after the company reached a deal with noteholders for a pre-packaged bankruptcy filing.

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