Junk Copeland add-on prices; Husky, Shearer’s add to gains; funds add $2.39 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 1 – On the heels of the torrid pace set during the first three sessions of the week, high-yield primary market news flow moderated substantially on Thursday.

Copeland, the climate technologies business in which Blackstone acquired a majority stake from Emerson Electric Co. last year, completed an upsized $700 million equivalent two-part placement (from $500 million equivalent) of senior secured notes due 2030 (Ba3/BB-/BB+).

Allied Universal plans to price a $500 million offering of Allied Universal Holdco LLC senior secured notes due 2031 (B3/B) on Friday, in the market with initial talk in the low-8% area.

Howden Group wrapped up its roadshow on Thursday, setting price talk in its $1.25 billion two-part offering.

Meanwhile, the secondary space shook off the heaviness of the previous session with the cash bond market adding ¼ point.

New issues remain where money is being put to work in the market with the majority of new paper playing to strong demand and shooting higher in the secondary space.

Husky Injection Molding Systems Ltd./Titan Co Borrower, LLC’s 9% senior secured notes due 2029 (B3/B-) and Fiesta Purchaser, Inc.’s 7 7/8% senior secured notes due 2031 (expected ratings B3/B) supporting the buyout of Shearer’s Foods were no exception.

High-yield mutual funds and ETFs saw inflows of $2.39 billion in the week through Wednesday’s close, a source said.

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