Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Vail Resorts Inc. > News item |
Brightline, ION price junk; Encino, Vail end day unchanged; funds add $604.3 million
By Abigail W. Adams
Portland, Me., April 25 – The high-yield primary market continued to churn out offerings on Thursday with two deals clearing the calendar despite a heavy day for the market.
Brightline East LLC priced an upsized $1.325 billion offering of senior secured notes due Jan. 31, 2030 (B/B), and ION Corporates priced its two-tranche dual-currency offering of five-year senior secured notes (B2/B).
While the deals played to strong demand during bookbuilding, they were weak on the break with Brightline dropping below issue price and ION’s dollar-denominated tranche flat.
The activity came on a heavy day for the market with the latest GDP print throwing cold water on the goldilocks, soft-landing scenario the market had widely come to anticipate.
With the GDP print coming in much softer than expected and still reflecting elevated inflation, a new scenario was beginning to take shape.
“Can anyone say stagflation?” a source said.
The market’s attention remained focused on new issues.
While Encino Acquisition Partners Holdings, LLC’s 8¾% senior notes due 2031 (B3/B-/B) and Vail Resorts, Inc.’s 6½% senior notes due 2032 (Ba3/BB) were weak early in the session, they quickly eliminated their losses and closed the day unchanged.
High-yield mutual funds and exchange-traded funds saw inflows of $604.3 million in the week through Wednesday’s close after last week’s $3.75 billion outflow.
© 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.