Junk: Diversey in focus, skyrockets on buyout; WW gains on acquisition; DISH below par

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 8 – Europe-based issuers were in the high-yield primary spotlight on Wednesday.

Belgium-based Azelis Group NV priced a €400 million issue of five-year senior notes (BB+/BB+) and Sweden-based Floatel International Ltd. set pricing on a $100 million offering of three-year super senior secured notes.

Meanwhile, it was another quiet session in the secondary space with volume light as the market digested the second day of Federal Reserve chair Jerome Powell’s congressional testimony.

While the broader market was weak, acquisition news sparked large gains in some credits.

Diversey Holdings Ltd.’s 4 5/8% senior notes due 2029 (Caa1/B) skyrocketed double digits following news Solenis, a portfolio company of Platinum Equity, was buying out the company in an all-cash transaction valued at $4.6 billion.

WW International, Inc.’s 4½% senior notes due 2029 (B1/B) jumped 6 points after the company announced an acquisition that will expand the its weight loss services to prescription drugs.

However, the heavy market conditions continued to take a toll on recent issues.

DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) continued their downtrend with the notes breaking below par for the first time since the issue priced in November 2022.

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