Solenis, Papa John’s on HY tap; Laredo active; TransDigm gains; Wesco Aircraft down again

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 7 – While no deals priced during Tuesday’s session, the domestic high-yield primary market returned to action with two deals joining the forward calendar.

Papa John's Pizza began a roadshow for its debut deal – a $400 million offering of eight-year senior notes.

Solenis, formerly Ashland Water Technologies, rolled out a $2.4 billion equivalent four-part offering with pricing expected during the Sept. 20 week.

Meanwhile, it was a quiet return in the secondary space from the Labor Day weekend with many accounts still out in celebration of the Jewish New Year.

While the market was soft on Tuesday with Covid concerns weighing on risk assets, volume in the space remained light.

Laredo Petroleum, Inc.’s 7¾% senior notes due July 2029 (B3/B) were active with the notes continuing their upward momentum after bottoming out in mid-August.

TransDigm Inc.’s senior notes were on the rise after the aerospace company dropped its takeover bid for Meggitt plc.

Wolverine Escrow’s junk bonds (Wesco Aircraft Holdings Inc.) were again down in active trading.

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