Melco Resorts prices upsized offering, trades up; Hess Midstream active; Teva drops

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 26 – The domestic primary market remained active on Tuesday with one new deal and one add-on pricing.

However, new deal activity is expected to be muted for the remainder of the week with U.S. markets closed on Thursday for the Thanksgiving holiday.

Melco Resorts & Entertainment Ltd. priced a $900 million issue of 10-year senior notes (Ba2/BB) in a deal that was significantly upsized.

In drive-by action, iStar Inc. priced a $100 million add-on to its 4¾% senior notes due Oct. 1, 2024 (Ba3/BB-).

Meanwhile, the secondary space was active on Tuesday with new issues and company-specific news driving trading activity.

Melco Resorts’ newly priced senior notes saw a strong start out of the gate with the notes well above their issue price.

Hess Midstream Partners LP’s 5 1/8% senior notes due 2028 (Ba3/BB+/BB+) were also trading at a premium in the aftermarket.

Enviva Partners, LP and Enviva Partners Finance Corp.’s 6½% senior notes due 2026 (B1/B+/BB-) continued to gain in active trading on Tuesday.

However, Monday’s rebound in Teva Pharmaceutical Industries’ 7 1/8% senior notes due 2025 (Ba2/BB) was short-lived. The generic drug maker’s capital structure traded off on Tuesday following news of a new criminal investigation.

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