TransDigm, Merlin price; Consolidated Energy on tap; McDermott gains continue

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 2 – The domestic primary market remained active on Wednesday with two deals pricing and two more expected on Thursday although the forward calendar has thinned.

TransDigm Group Inc. priced a $500 million issue of TransDigm UK Holdings plc eight-year senior subordinated notes (B3/B-) with a coupon of 6 7/8% at 99.24 to yield 7%.

Merlin Entertainment plc priced a $400 million issue of eight-year senior bullet notes (Ba2/BB) at par to yield 5¾%.

Consolidated Energy Finance SA set price talk in a revised deal that is expected to price on Thursday. Avation plc also set price talk for its $300 million offering expected on Thursday.

Nemaska Lithium, Inc. is marketing a $300 to $350 million offering in a Nordic-style execution with pricing expected on May 11.

While new paper from TransDigm and Merlin were seen well above their issue price after breaking for trade, recent deals from ABC Supply Co., Inc., Neptune Energy Group Midco Ltd. and Neptune Energy Bondco plc and Fair Isaac Corp. were mixed.

McDermott International Inc.’s recently priced 10 5/8% senior notes due 2024 (B2/B-) dominated trading activity in the secondary market on Wednesday after shareholders approved its merger with Chicago Bridge & Iron Co.

The notes, which priced at a deep discount, climbed 2 points to trade up to 103.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.