Gaming & Leisure prices; energy sector gains continue; ABC, GFL Environmental improve

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 7 – The primary market saw a $1 billion dollar deal price on Monday in what was an otherwise quiet session.

Gaming & Leisure Properties, Inc. priced $1 billion of split-rated non-callable senior notes (Ba1/BBB-) in two tranches in a drive-by.

There is currently only one deal on the active forward calendar with Nemaska Lithium, Inc. expected to price a $300 million to $350 million offering on Friday.

New issuance in Junkbondland is off to a slow start in 2018 with year-to-date junk-rated dollar-denominated issuance lagging 2017 by 20%.

The European primary market was also quiet on Monday with the first Monday of May a bank holiday in the United Kingdom, sources said.

Meanwhile, it was a “ho-hum” day in the secondary space on Monday, a market source said, with trading volume relatively light as last week’s deals fell out of focus.

ABC Supply Co., Inc.’s 5 7/8% senior notes due 2026 (B3/B+) were the most actively traded of last week’s deals with $18 million bonds in play by late afternoon.

The notes improved on Monday and were trading above their issue price after struggling out of the gate.

While not active, GFL Environmental Inc.’s new 7% notes due 2026 (Caa1/B-) were up a little more than 1 point on Monday after a volatile session on Friday where the notes, which priced at par, traded as low as 98.5.

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