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Neiman Marcus, Verra Mobility price; Fortescue Metals, Terex at a premium; Yum! improves
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 19 – The domestic high-yield primary market saw two deals price during Friday’s session.
Neiman Marcus Group Inc. priced an upsized $1.1 billion issue of five-year senior secured first-lien notes (Caa2/CCC+).
And Verra Mobility Corp. and VM Consolidated, Inc. priced a $350 million issue of eight-year senior notes (Caa1/B-).
The new deal activity will continue into the March 22 week with Interior Logic Group and Advanz Pharma Corp. Ltd. joining the forward calendar.
Meanwhile, the secondary space saw modest improvement on Friday following a brutal session on Thursday that wiped out the ICE BofAML US High Yield index’s gains for the year.
However, volume was light with new issues continuing to dominate the tape.
Fortescue Metals Group Ltd.’s 4 3/8% senior notes due 2031 (Ba1/BB+) and Terex Corp.’s 5% senior notes due 2029 (B2/BB-) were putting in strong performances in the aftermarket with the notes 1 to 2 points above their issue prices.
Meanwhile, Yum! Brands, Inc.’s 4 5/8% senior notes due 2032 (B1/BB-) improved in active trading.
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