Primary returns to action; Burford, Perrigo, Global Infrastructure on deck

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 4 – The high-yield forward calendar reactivated on Monday with three junk issuers announcing deals.

Global Infrastructure Solutions Inc. plans to price a $300 million offering of 10-year senior notes (B1/BB-).

Bruford Capital Global Finance LLC plans to market a $350 million offering of eight-year senior notes (expected ratings Ba2/BB-).

Perrigo Investments, LLC and Perrigo Investments Capital, Inc. started a roadshow for a $500 million offering of eight-year senior notes (expected ratings Ba2/BB-/BB+).

In a cross-over trade, Entegris Escrow Corp. is marketing a $1 billion offering of seven-year senior secured bullet notes (expected ratings Baa3/BB+/BBB-) with an $800 million offering of unsecured notes expected to follow.

Meanwhile, it was a strong day in the secondary space with the market up about ˝ point as buyers returned to the space.

In a carry-over from the previous week, Talen Energy Supply LLC’s senior notes remained in focus with the notes on the rise after plummeting to historic lows following speculation about a bankruptcy filing.

Twitter, Inc.’s 5% senior notes due 2030 (Ba2/BB+) again topped par in active trading as the company’s capital structure jumped following news Tesla Inc. chief executive officer Elon Musk had taken a sizeable position in the company.

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