Univar, Maxar, Prestige price; Centene plans $7 billion; Hertz, Restaurant Brands up

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 15 – The domestic high-yield primary market rounded out the truncated post-Veterans Day week with three issuers pricing $1.9 billion, making the week the second biggest for new deal activity year to date.

Prestige Brands, Inc. priced a $400 million issue of eight-year senior notes (B3/B+).

Univar Solutions Inc. priced an upsized $500 million issue of eight-year senior notes (B2/BB-).

And SSL Robotics LLC (escrow issuer), a wholly owned subsidiary of Maxar Technologies Inc., priced a downsized $1 billion issue of four-year senior secured notes (B2/B).

In terms of the forward calendar, all eyes were on Centene Corp.’s planned $7 billion three-part offering of senior notes (Ba1/BBB-/BB+) which will price late next week.

In the secondary space, Hertz Corp.’s newly priced 6% senior notes due Jan. 15, 2028 (B3/B-) were among the most actively traded in the secondary space with the notes changing hands at a slight premium to their issue price.

Restaurant Brands International, Inc.’s 4 3/8% senior notes due Jan. 15, 2028 (B2/B+) were also performing well in the secondary, despite their tight pricing.

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