Cedar Fair, Adient price; Sally Beauty on deck; Ford, AMC flounder; oil turns negative

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 20 – The domestic high-yield primary market saw an active start to the week with two drive by deals pricing and one more joining the forward calendar.

In offerings that were upsized and priced tight, Cedar Fair Entertainment Co. priced $1 billion of five-year senior secured notes (Ba2/BB-) and Adient US LLC priced $600 million in five-year first-lien notes (Ba3/B+).

Sally Beauty Holdings Inc. also joined the forward calendar with a $300 million offering of five-year senior secured second-lien notes, which are expected to price on Tuesday.

Meanwhile, it was a soft tape in the high-yield secondary space with the cash bond market, in general, down 0.5 to 0.75 points.

While the barrel price of WTI crude oil for May delivery plunged into negative territory for the first time in recorded history, the high-yield energy space was relatively unchanged, a market source said.

Ford Motor Co.’s massive $8 billion three tranche offering (Ba2/BB+/BBB-) was struggling in the aftermarket with each tranche below par.

AMC Entertainment Holdings, Inc.’s recently priced 10½% senior notes due 2025 were also floundering with the notes well below their issue price.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.