CNX drives-by; Citrix on tap; Newell adds to gains; NortonLifeLock improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 12 – The domestic high-yield primary market saw an active start to the week with one drive-by deal pricing and Citrix Systems Inc.’s highly anticipated LBO deal kicking off.

In drive-by action, CNX Resources Corp. priced a $500 million issue of senior notes due Jan. 15, 2031 (B1/BB/BB+).

And Picard Midco, Inc. kicked off a $4 billion offering of 6.5-year senior secured notes backing the buyout of Citrix Systems Inc. with the deal to officially launch via an investor’s conference call on Tuesday.

Meanwhile, it was another strong day in the secondary space with the cash bond market rising another ¼ to 3/8 point on the eve of the Consumer Price Index report’s Tuesday release.

There is widespread belief that the report will reflect a faster deceleration of inflation than predicted, which was adding more fuel to the market’s rally.

The new paper to price over the past week continued to put in a strong performance with Newell Brands Inc.’s two tranches of split-rated notes (Ba1/BBB-/BB+) adding to gains after a strong break and NortonLifeLock Inc.’s two tranches (B1/BB-/BB+) improved in active trading.

After falling well below par in the recent market rout, Royal Caribbean Group’s recently priced 11 5/8% senior notes due 2027 (B3/B) broke out to fresh heights on Monday with the notes closing above a 102-handle.

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