Organon, Century Aluminum on tap; Ingram Micro at a premium; Weight Watchers, Certera flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 5 – Activity in the domestic high-yield primary market was muted on Monday with European markets closed for Easter Monday.

While no deals priced on Monday, the forward calendar ballooned with Organon joining with a $4.5 billion equivalent three-tranche offering and Century Aluminum announcing a $250 million offering of seven-year secured notes.

Meanwhile, it was a strong day in the secondary space although volume was light.

Ingram Micro Inc.’s 4¾% senior secured notes due 2029 (B1/BB-) were trading with a healthy premium in the aftermarket.

However, WW International, Inc.’s 4½% senior secured notes due 2029 (Ba3/BB-) and Cetera Financial Group’s 7½% senior notes due 2029 (Caa2/CCC) fell flat.

Meanwhile, outside of recent issues, PetSmart LLC’s 7¾% senior notes due 2029 (Caa1/CCC+) continued to grind higher in active trading, solidifying their ranks as the best performing deal of the year

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