QVC, Innophos, Arconic join forward calendar; Delphi skyrockets on buyout; recent deals rebound

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 28 – While no deals cleared the market on Tuesday, the domestic high-yield primary market’s forward calendar continued to grow with three issuers starting roadshows.

Arconic Inc. is on the road with a $400 million offering of eight-year second lien secured notes, Innophos Holdings Inc. is marketing a $300 million offering of eight-year senior notes (Caa1/B-), and QVC, Inc. is marketing a $500 million split-rated offering of seven-year senior bullet notes (existing Ba2/existing BBB-/confirmed BBB-).

Meanwhile, the secondary space firmed on Tuesday as the market recovered from a sell-off on Monday sparked by growing concern over the coronavirus.

Delphi Technologies plc’s 5% senior notes due 2025 skyrocketed in high-volume activity following news BorgWarner would buy out the auto-parts maker.

Several names were on the rebound on Tuesday following Monday’s sell-off.

Station Casinos LLC’s 4½% senior notes due 2028 (B3/B-), Navient Corp.’s 5% senior notes due 2027 (Ba3/B+/BB) and Altice’s new 6% senior notes due 2028 (Caa1/CCC+) all popped back above par.

Albertsons Cos. Inc.’s 4 7/8% senior notes due 2030 also rebounded after Monday’s sell-off with the notes hitting their highest level since pricing.

Superior Energy Services Inc.’s 7 1/8% senior notes due 2021 jumped following news the company had amended its exchange offer for the notes.

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