Forward calendar grows; Solenis, Cvent, MoneyGram on deck

By Abigail W. Adams

Portland, Me., May 15 – While no deals priced during Monday’s session, the domestic high-yield primary market saw a substantial buildup in its forward calendar with $2.525 billion entering the market – all coming as leveraged-buyouts deals.

Olympus Water US Holding Corp. (Solenis) started a roadshow for a $2.125 billion equivalent two-tranche offering of long five-year senior secured notes to back the acquisition of Diversey Holdings Ltd.

Capstone Borrower Inc. started a roadshow on Monday for a $500 million offering of seven-year senior secured notes (B2/B-/BB) to finance Blackstone’s acquisition of Cvent Holding Corp.

Mobius Merger Sub, Inc. started a roadshow on Monday for a $400 million offering of seven-year senior secured notes (B2/B/B+) backing the buyout of MoneyGram International Inc.

The primary market is expected to remain active throughout the week with XPO Inc. and Wyndham Hotels & Resorts Inc. also telegraphing their intention to tap the market as part of refinancing transactions.

The uptick of issuance is welcome news for a high yield market that continues to contract with calls, tenders, maturities and upgrades continuing to outstrip new supply.

The high-yield market has seen a net contraction of about $45 million year-to-date, according to a market source.

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