Holly Energy, SBA Communications price; Albertsons, VICI prep; EQT, Range Resources sink

By Abigail W. Adams

Portland, Me., Jan. 21 – The domestic high-yield primary market resumed its active pace Tuesday following the extended holiday weekend with two deals pricing and several more joining the forward calendar.

Holly Energy Partners LP and Holly Energy Finance Corp. priced $500 million of eight-year senior notes (expected Ba2/BB+), and SBA Communications Corp. priced an upsized $1 billion of seven-year senior notes (B1/BB-) in quick-to-market Tuesday trades.

In addition to Tuesday’s drive-by action, the forward calendar grew with VICI Properties LP and VICI Note Co. Inc.’s $2.5 billion three-tranche offering and Albertsons Cos. Inc.’s $2.35 billion three-part offering set to price on Wednesday.

The deals to price during Tuesday’s session fared well after breaking for trade. However, the secondary space was, in general, soft with equities down due to concern over the quick-spreading coronavirus in China and crude oil futures taking a hit due to concerns about oversupply.

Energy, in particular, was under pressure with several recent deals in the space coming in.

EQT Corp.’s split-rated dual-tranche offering (Ba1/BBB-/BBB-) sank further underwater on Tuesday.

Range Resources Corp.’s 9¼% senior notes due 2026 (B1), Transocean Ltd.’s 8% senior notes due 2027 (Caa1/B-) and Laredo Petroleum, Inc.’s 9½% senior notes due 2025 and 10 1/8% senior notes due 2028 (B3/B+) were also trading below their issue prices.

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