Ardagh prices; SpringLeaf/OneMain trade up; Chesapeake Energy sell-off intensifies

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 6 – European high-yield issuers dominated primary market activity on Wednesday with Dublin-based Ardagh pricing two tranches of ARD Finance SA senior secured toggle notes.

Wesco PattonAir’s upsized $2,175,000,000 acquisition/merger deal remains in the market with pricing expected on Friday. However, the deal may be subject to further revisions, sources said.

Meanwhile, the secondary space was slightly soft on Wednesday. Recent issues and earnings remained the major drivers of trading activity.

Springleaf Finance Corp.’s recently priced 5 3/8% senior notes due 2029 (Ba3/BB-/BB+) and Dana Inc.’s 5 3/8% senior notes due 2027 (B2/BB-/BB+) were active and trading at a premium to their issue price.

Venator Materials plc’s 5¾% senior notes due 2025 jumped more than 5 points after a surprise earnings beat.

Cheniere Energy Inc.’s split-rated senior notes were lifted on the heels of a new offering.

However, the sell-off of Chesapeake Energy Corp.’s junk bonds intensified on Wednesday as concern mounted about the company’s ability to meet the covenants on its debt.

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