Refinitiv, International Game, Diamondback price; Altra, Northern Oil on tap

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 18 – The primary market was in high gear on Tuesday with three deals pricing and several more joining the forward calendar.

All eyes were on Refinitiv as it priced a downsized $4.25 billion equivalent amount of high-yield notes in four tranches.

International Game Technology plc priced an upsized $750 million issue of senior secured bullet notes due Jan. 15, 2027 (existing ratings Ba2/BB+).

Diamondback Energy, Inc. priced an upsized $750 million add-on to its 4¾% senior notes due Nov. 1, 2024 (Ba3/BB).

Altra Industrial Motion Corp. plans to start a roadshow on Wednesday for a $400 million offering of eight-year senior notes (B2/B+).

And Northern Oil and Gas, Inc. kicked off a $350 million tack-on to its 8½% senior secured second-lien PIK notes due May 15, 2023.

The European primary market’s forward calendar also grew with InterXion Holding NV and Promontoria MCS Holding SAS launching offerings.

Meanwhile, the secondary space was active with the influx of new paper.

Refinitiv’s dollar-denominated tranches dominated trading activity with the notes seen above their issue price.

However, International Game’s 6¼% notes due 2027 outperformed with the notes gaining more than 1 point in active trading.

International Game’s outstanding junk bonds also saw gains after the pricing of the debt refinancing deal.

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