Published on 4/1/2024 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily, Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily, Prospect News Investment Grade Daily and Prospect News Private Placement Daily.
Vital Energy prices add-on; calendar grows; Shelf Drilling lower
By Abigail W. Adams
Portland, Me., April 1 – The domestic high-yield primary market saw only one deal price during Monday’s session.
However, activity is expected to ramp up with three deals joining the active forward calendar and the shadow calendar continuing to build.
In drive-by action, Vital Energy Inc. priced an upsized $200 million add-on to its 7 7/8% senior notes due April 15, 2032 (B2/B).
| The calendar continued to grow with Rakuten Group Inc.’s $1.25 billion offering of five-year bullet notes, Dye & Durham Corp.’s | $500 million offering of five-year senior secured notes and Herbalife International Inc. | and | HLF Financing Sarl LLC’s $700 million offering of five-year senior secured notes (Ba2/B+) | slated to price before the end of the week.
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| Endo, Inc. | also telegraphed its intention to offer $1.25 billion in secured debt as part of its bankruptcy exit financing.
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| Meanwhile, it was a quiet day in the secondary space. Shelf Drilling Holdings Ltd.’s 9 | 5/8% senior secured notes due 2029 (B3/B-/B) | saw some selling pressure on Monday after the company announced it had received suspension notices from a customer in the Middle East for four of its rigs.
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