Ford drives by, outstanding notes weaken; Cleveland-Cliffs improves; Roblox lower

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 5 – Ford Motor Credit Co. LLC priced $1.75 billion senior notes (Ba2/BB+/BB+) in two bullet tranches on Monday.

A $900 million tranche of three-year notes priced at par to yield 6.95%, on top of talk.

An $850 million tranche of seven-year notes priced at par to yield 7.2%, also on top of talk.

Although there were no official deal announcements on Monday, the stage is set of a couple of megadeals to hit the market later in the week.

HUB International Ltd. is expected to launch $2.675 billion of secured notes on Wednesday via Morgan Stanley.

HUB is also putting in place a $4.25 billion term loan that was scheduled to launch on a Monday lender call.

Watch for bonds backing Apollo’s $8.1 billion buyout of Univar Solutions Inc. later in the week, sources say.

Cleveland-Cliffs Inc.’s struggling 6¾% senior guaranteed notes due 2030 (Ba3/BB-/BB-) gained some traction in active trade.

Roblox Corp.’s 3 7/8% senior notes due 2030 (Ba2/BB) were lower on reports about the threat of regenerative AI to gaming companies.

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