United Rentals prices; TransAlta jumps in junkland; DISH hits new heights; Carnival surges

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 15 – United Rentals (North America), Inc. captured the primary market spotlight on Tuesday as it priced a $1.5 billion issue of seven-year first-lien senior secured notes (Baa3/BBB-) backing the buyout of Ahern Rentals Inc.

While the notes carry an investment-grade rating, they priced off the high-yield syndicate desk, a source said.

Meanwhile, the secondary space resumed its rally on Tuesday following the latest Producer Price Index report which also indicated cooling inflation, giving fuel to the Federal Reserve dovish pivot scenario the market has long hoped for.

While the market “deflated a little into the close,” it remained firmly in the green with the cash bond market closing up 3/8 to ½ point, a source said.

TransAlta Corp.’s new 7¾% senior green notes due 2029 (Ba1/BB+) outperformed in the aftermarket with the notes jumping to a 102-handle in active trading.

DISH Network Corp.’s recently priced 11¾% senior secured notes due 2027 (Ba3/B+) continued to gain alongside the broader market with the notes hitting their highest level on Tuesday since pricing.

Carnival Corp.’s capital structure made strong gains during Tuesday’s session with its notes up 1 to 4 points in heavy volume with the cruise line operator launching another capital raise, this time in the form of convertible notes, after the close of equity markets.

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