Ithaca Energy prices HY paper; DirecTV at a premium; McClaren up; McGraw-Hill recovers

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 23 – The domestic high-yield primary market saw one deal price during Friday’s session.

UK-based Ithaca Energy (North Sea) plc priced a $625 million issue of 9% senior notes due July 2026 (B3//B+).

Meanwhile, it was a quiet day in the secondary space.

While the market had a firm tone to it, not much was on the tape with many calling an early end to a tumultuous week.

New issues continued to dominate the tape with the majority performing well.

DirecTV Entertainment Holdings LLC’s 5 7/8% senior secured notes due 2027 (Ba3/BB/BBB-) outperformed with the notes trading almost 4 points above their issue price.

McLaren Automotive’s 7˝% senior secured notes due 2026 were also putting in a strong performance in the aftermarket.

McGraw-Hill Education, Inc.’s two tranches pared their losses from a rough start in the aftermarket. However, both still remained underwater heading into Friday’s close.

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