Cogent, Iris, Maxar on deck; Advanced Drainage holds gains; Tenet notes head lower

By Cristal Cody and Paul A. Harris

Tupelo, Miss., June 6 – The Monday high-yield session saw a modest volume of new issue news.

Cogent Communications Group, Inc. announced a $450 million offering of five-year senior notes (B3/B) that are set to price on Tuesday.

In a deal that began being telegraphed to the market nearly a week ago, Iris Holdings Inc. plans to start a roadshow on Tuesday for a $400 million offering of 6.5-year senior notes (Caa2/CCC+) backing the buyout of Intertape Polymer Group Inc. by Clearlake Capital Group LP.

Maxar Technologies Inc. is scheduled to be on the road through Wednesday with a $500 million offering of five-year senior secured notes (B2/B), initial guidance in the mid-to-high 7% area.

Junk secondary action was quieter as the week kicked off, sources said.

Advanced Drainage Systems Inc.’s new 6 3/8% senior notes due June 2030 (Ba2/B+) held onto gains over the session.

Also in new issues, Tenet Healthcare Corp.’s 6 1/8% senior secured notes due 2030 (B1/BB-/BB-) saw some recovery during the session but moved lower by the end of the day.

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