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Primary sells $3.1 billion; Michaels in focus; EnVen, WASH, Organon, News Corp. at premiums
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 9 – The Friday session had another $3.1 billion face amount of issuance come in four dollar-denominated tranches of junk from three issuers, capping off a $14.8 billion/20 tranche week.
Michaels Cos., Inc.’s downsized $2.15 billion two-tranche offering and CEC Entertainment LLC’s upsized $650 million issue of five-year senior secured notes (Caa1/CCC) were among the issues to clear the market.
Michaels’ new notes were in focus with the notes ripping on the break, a theme of several recent issues with high yields.
The majority of deals were putting in strong performances in the secondary space.
EnVen Energy Corp.’s 11¾% senior secured second-lien notes due 2026 (Caa1/B-) outperformed in the aftermarket with the notes trading more than 4 points above their discounted issue price.
Organon & Co.’s dollar-denominated tranches maintained their large premiums in active trading on Friday after ripping on the break.
WASH Multifamily Laundry Systems’ 5¾% senior secured first-lien notes due 2026 (B3/B-) and News Corp.’s 3 7/8% senior notes due 2029 (Ba2/BB+) were also trading with healthy premiums in the aftermarket.
However, Titan International, Inc.’s 7% senior secured notes due 2028 (Caa1/B-) fell flat.
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