Eight high-yield issuers price $4.67 billion; Royal Caribbean gets junk execution

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 13 – The domestic high-yield primary market saw a torrent of deals on Wednesday with eight issuers pricing a combined $4.67 billion in junk-rated deals and one investment grade company in the market.

Live Nation Entertainment, Inc., Uber Technologies Inc., Boyd Gaming Corp., Goodyear Tire & Rubber Co., Outfront Media Capital LLC and Outfront Media Capital Corp., Power Solutions, HUB International Ltd. and Boyne USA, Inc. priced drive-by deals.

Additionally, Royal Caribbean Cruises Ltd. priced a $3.32 billion two-tranche offering of investment-grade rated senior secured notes.

In the secondary, Radian Group Inc.’s 6 5/8% senior notes due 2025 (Ba1/BB+/BBB-) sank several points below par during Wednesday’s session.

Springleaf Finance Corp.’s 8 7/8% senior notes due 2025 (Ba3/BB-/BB+) and Match Group, Inc.’s 4 5/8% senior notes due 2028 (Ba3/BB) were also lagging their issue prices.

However, Viking Cruises Ltd.’s 13% senior notes due 2025 (B1/B-) skyrocketed in the aftermarket with the notes several points above their issue price.

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