Silgan, MSCI, Community Health add-on price; Newell drops on downgrade

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 4 – The high-yield drive-by window was open on Monday with three deals pricing in what promises to be an active week of new issuance.

CHS/Community Health Systems Inc. priced a $500 million add-on to its 8% senior secured notes due March 15, 2026.

Silgan Holdings, Inc. priced an upsized $400 million issue of 8.2-year senior notes (Ba3/BB-). And MSCI Inc. priced a $500 million offering of 10-year senior notes.

The calendar remains active with Wesco PattonAir marketing a revised $2.18 billion acquisition/merger financing deal with widened guidance.

Ardagh started a roadshow for a $2.22 billion offering, and Maxar Technologies Inc. is planning a roadshow for a $1.25 billion offering.

Meanwhile, the secondary space was firm on Monday with equity markets reaching new heights on optimism surrounding a trade deal and crude oil futures on the rise.

Several names in the oil patch were on the rise in active trading with Antero Resources Corp.’s capital structure continuing to rebound after hitting all-time lows last week.

Newell Brands Inc. dominated activity in the secondary space after S&P downgraded the consumer product company to junk.

TransDigm Inc.’s recently priced 5½% notes due 2027 (B3/B-) remained active in secondary trading with the notes solidifying at par after dipping in earlier trading.

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