Valaris, Greystar, ATI price; Tenneco, Dream Finders start roadshow; Veritex weaker

By Abigail W. Adams and Paul A. Harris

Portland, Me., Aug. 7 – A late-summer pick-up in high-yield new-issue activity continued apace on Monday as three single-tranche issuers – two of them bringing drive-bys – issued $1.23 billion of notes.

All three deals printed at the tight or rich ends of talk.

Two came upsized.

In a blowout, ATI Inc. priced an upsized $425 million issue (from $400 million) of seven-year senior notes at par to yield 7¼%, at the tight end of talk.

The $425 million issue was heard to have played to $1.9 billion of orders.

There was also growth in the active new-deal calendar, including Tenneco Inc., making a return attempt to take out the bridge loan backing the buyout of the company by Apollo, which got hung up on dealer balance sheets in late 2022 due to market conditions.

Meanwhile, it was a quiet day in the secondary space with buyers continuing to lift the market although in light volume.

VT TopCo, Inc.’s (Veritext) recently priced 8½% senior secured notes due 2030 emained active with the notes coming in from their heights.

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