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Primary prices $3.7 billion from six issuers; MGM slips; Diamond Sports gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 14 – A big Wednesday in the new issue market had half a dozen companies, each with a single dollar-denominated tranche, price $3.7 billion face amount of junk.
Four of the six issuers upsized their offerings.
Half came as drive-bys.
Meanwhile, trading activity was relatively light in the secondary space as the active calendar of new deals took center stage.
While the market was soft heading into the close, it continued to hold up well amid the sell-off in equities, a source said.
MGM Resorts International’s 4¾% senior notes due 2028 (Ba3/BB-) slipped below par in active trading on Wednesday.
Diamond Sports Group LLC and Diamond Sports Finance Co.’s 5 3/8% senior secured notes due 2026 gained in active trading as holders of the company’s first-lien term loan organize to prevent transactions that will decrease the value of the company’s debt.
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