Bread Financial, Morgan Automotive add on; Stena, Global Auto join calendar; Spirit Aero under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 8 – The domestic high-yield market was off to a strong start on Monday with two add-on deals pricing and a substantial build-up in the forward calendar.

Morgan Automotive priced an upsized $350 million add-on to the LCM Investments Holdings II, LLC 8¼% senior notes due Aug. 1, 2031 (B2/B+), and Bread Financial Holdings, Inc. priced an upsized $300 million add-on to its 9¾% senior notes due March 15, 2029 (Ba3/BB-/BB-) in drive-by action.

Stena International also announced a $400 million offering of seven-year senior secured notes (Ba2/BB+), which is expected to price Tuesday, and Global Auto Holdings Ltd. started a roadshow for a $1.05 billion two-part offering of senior notes.

Meanwhile, it was a strong day in the secondary space with buyers returning to the market after a rough start to the year.

While the broader market was strong, topical news continued to drag down outstanding issues with Spirit AeroSystems, Inc. again in the spotlight.

The beleaguered aero-parts manufacturer’s senior notes sank 2 to 6 points in heavy volume after news of its involvement in the door that blew off an Alaska Airlines 737 Max 9 plane mid-flight last Friday.

Medical Properties Trust Inc.’s senior notes (Ba2/BB-) were on the mend on Monday with the notes paring their losses from the heavy selling of the previous session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.