At quarter end (3Q 2025), US HY year-to date volume is $258.59bn, putting this year's volume ahead of 2024 production by nearly 11%. September 2025 month end volume for US HY is $59.96bn, the third busiest September (by volume) on record.
Four new deals were announced today. It was another active day, this one to end the third quarter in the high-yield primary market.
$600m [SESI LLC] (SPN) 144a / Reg S for life 5nc2 senior secured note. B2/B+/BB. via Bookrunners: GS / BofA / JPM / MS. UoP: (a) repay in full the indebtedness incurred to finance the Quail Tools Acquisition, including the $250 million outstanding principal amount of the Seller Note and the $200 million outstanding principal amount of the Bridge Loan Credit Agreement and for general corporate purposes. Investor call at 10:30AM ESt for expected pricing on 09/30. Biz: oilfield services. Hq'd in Houston, TX. Px TALK: 8.00% area. books close at 11:00AM EST.
LAUNCH: $600m at 7.875%. Calls: 09/30/2027 @ 103.938%, 09/30/2028 @ 101.969%, 09/30/2029 @ 100.000%. mw+50. 144a CUSIP: 78412FAX2. ISIN: US78142FAX24. Reg S ISIN: USU8151EAH90. Priced at 7.875%, +414 vs UST 4.625% 09/30/2030. s/d 10/09 (t+7)
| Px TALK | LAUNCH | PRICED |
| 8.00% area | $600m at 7.875%% | $600m 7.875% 09/30/2030 $100.00 7.875% +414 nc 09/30/2027 mw+50 |
$1.40bn [WBI Operating LLC] (WBI) 144a / Reg S for life 5nc2 and 8nc3 senior unsecured notes 2-part. B1/BB-/BB- exp). via Bookrunners: BARC (Lead Left), CITI, TSI, GS, WF, JPM, TCS, FHN. UoP: repay existing indebtedness and pay related fees and expenses. Denoms: 2k x 1k. Investor call at 11:00AM EST for expected pricing on 09/30. Biz: water infrastructure managemant operations. Hq'd in Houston, TX. Px TALK: 5NC2: 6.25% - 6.50%. 8NC3: 6.50% - 6.75%. Expected Timing: Books close today, 12:00pm EST, pricing thereafter.
LAUNCH: $825m 5nc2 at 6.25%, $600m 8nc3 at 6.50%. Calls: 5nc2: 10/15/2027 @103.125%, 10/15/2028 # 101.563%, 10/15/2029 @ 100.000%. mw+50. 144a CUSIP: 92944BAA9. ISIN: US92944BAA98. Reg S ISIN: USU94226AA28. Priced at 6.25%, +252 vs UST 4.875% 10/31/2030. 8nc3: 10/15/2028 @ 103.250%, 10/15/2029 @ 101.625%, 10/15/2030 @ 100.000%. mw+50. 144a CUSIP: 92944BAB7. ISIN: US92944BAB71. Reg S ISIN: USU94226AB01. Priced at 6.50%, +252 vs UST 4.50% 11/15/2033. s/d 10/06 (t+4).
| Px TALK | LAUNCH | PRICED |
| 5nc2 at 6.25% - 6.50% | $825m 5nc2 at 6.25% | $825m 6.25% 10/15/2030 $100.00 6.25% +252 nc 10/15/2027 mw+50 |
| 8nc3 at 6.50% - 6.75% | $600m 8nc3 at 6.50% | $600m 6.50% 10/15/2033 $100.00 6.50% +252 nc 10/15/2028 mw+50 |
$400m [EF Holdco / EF Cayman Holdings / Ellingtopn Fin REIT Cayman TRS / EF Caymen Non-MTM] (EFC) 144a / Reg S 5nc2 senior unsecured note. ratings tbd. via Bookrunners: GS / WFS. UoP: net proceeds from the offering for general corporate purposes, including repaying a portion of the borrowings under the Company’s outstanding repurchase agreements and funding purchases of additional assets in accordance with its investment objectives and strategies. Investor call at 1p:00AM EST for expected pricing n 09/30. Biz: mortgage finance and investments. Hq'd in Old Greenwich, CT. Px TALK: 7.50% area. books close at 1:30PM EST, pricing after. LAUNCH: $400m at 7.375%. Calls: 09/30/2027 @ 103.688%, 09/30/2028 @ 101.844%, 09/30/2029 @ 100.000%. mw+50. 144a CUSIP: 31574BAA4. ISIN: US31574BAA44. Reg S ISIN: USU5328BAA45. Priced at 7.375%, +363 vs UST 4.625% 09/30/2030. s/d 10/06 (t+4).
| Px TALK | LAUNCH | PRICED |
| 7.50% area | $400m at 7.375% | $400m 7.375% 09/30/2030 $100.00 7.375% +363 nc 09/30/2027 mw+50 |
$1.25bn [Carnival Corp.] (CCL) 144a / reg S for life 3.5y non-call life senior unsecured note. ratings tbd. via Bookrunners: GS / Miz / SMBC / BofA / Barc / BNP / Citi / IMI / JPM / LLOYDS / MS / PNC / Truist / WFS. UoP: together with cash on hand, to fully redeem its $2.0 billion 6.000% senior unsecured notes due 2029 (the "2029 Unsecured Notes") after the closing of the Notes Offering, expecting to reduce interest expense. The indenture that will govern the Notes is expected to have investment grade-style covenants. Investor call at 10:30AM EST for today's business. Biz: cruise line. Hq'd in Miami, FL.
Px TALK:5.25% area. books close at 1:30PM EST, pricing later. LAUNCH: $1.25bn at 5.125%. nc 02/10/2029. mw+50. 144a CUSIP: 143658CB6. ISIN: US143658CB65. Reg S ISIN: USP2121VAW48. Priced at 5.125%, +147 vs UST 4.625% 04/30/2029. s/d 10/15.
| Px TALK | LAUNCH | PRICED |
| 5.25% area | $1.25bn at 5.125% | $1.25bn 5.125% 05/01/2029 $100.00 5.125% +147 nc 02/01/2029 mw+50 |
$500m [Transocean International Limited] (RIG) 144a / Reg S for life 7nc3 senior priority guaranteed note. B3/tbd, via Joint Bookrunners: WFS (Left) / Citi / DNB / GS / MS / SBI. Mgr: Standard Bank. UoP: net proceeds from the offering will be used to refinance the existing 8.000% Priority Guaranteed Notes due 2027 and the 6.875% Senior Secured Notes due 2027, fund a waterfall tender for the 7.350% Senior Notes due 2041 (step-up coupon currently at 9.350%) and 7.000% Senior Notes due 2028, and to pay transaction-related fees and expenses. Denoms: 2k x 1k. Sales into Canada: Yes - Exemption. Investor call at 11:00AM ESt for today's businss. Biz: offshore drilling services for oil & gas. US Hq'd in Houston , TX. Px TALK: 8.00% area. books close at 1:00PM EST, pricing thereafter. LAUNCH: $500m at 8.00%. Calls: 10/15/2028 @ 103.938%, 10/15/2029 @ 101.969%, 10/15/2030 @ 100.000%. mw+50. 144a CUSIP: 893814AA1. ISIN: US893814AA10. Reg S ISIN: USG9009LAA64. Priced at 7.875%, +397 vs UST 3.875% 09/30/2032. s/d 10/15 (t+10).
| Px TALK | LAUNCH | PRICED |
| 8.00% area | $500m at 7.875% | $500m 7.875% 10/15/2032 $100.00 7.875% +397 nc 10/15/2028 mw+50 |
$1.0bn [The ADT Security Corp.] (ADT) 144a / reg S 8y NCL first lien senior secured note. mx+50. 12mth par call. Ba3/BB. via Bookrunners: DB(Left Lead, B&D), BARCS, BNPP, CITI, CITZ, MIZUHO, MUFG, RBCCM, BofA, CIBC, FITB, JPM, MS. Co-Mgr: APGLSC. CoC: put at 101%.. UoP: together with the proceeds from the incurrence of an additional $300 million principal amount of incremental first lien senior secured term loans and cash on hand, to fund the redemption of all $1.3 billion outstanding 6.250% Second-Priority Senior Secured Notes due 2028 (the “Second-Priority Notes”) issued by Prime Security Services Borrower, LLC and Prime Finance Inc., the Company’s indirect wholly owned subsidiaries. Denoms: 2k x 1k. Investor call at 11:00AM EST for today's business. Biz: home and business security systems. Hq'd in Boca Raton, FL. Px TALK: 5.75% - 6.00%. books close at 2:30PM EST. LAUNCH: $1.0bn at 5.75%. mw+50. nc 10/15/2032.144a CUSIP: 00109LAB9. ISIN: US00109LAB99. Reg S ISIN: USU0073MAB64. Priced at 5.875%, +187 vs UST 4.50% 11/15/2033. s/d 10/15 (t+10).
| Px TALK | LAUNCH | PRICED |
| 5.75% - 6.00%. | $1.0bn at 5.875% | $1.0bn 5.875%10/15/2033 $100.00 5.875% +187 mw+50 nc 10/01/2032 |
