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Cars.com prices; Cable One, SLM gain; MultiPlan flat; Advantage struggles; Diamond Sports slides
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 27 – The domestic high-yield primary market was relatively quiet on Tuesday with one deal clearing the market.
Cars.com Inc. priced a $400 million issue of eight-year senior notes (B3/B).
In the secondary, new paper continued to dominate the tape. However, the secondary performance of the deals that priced during Monday’s session were mixed.
SLM Corp.’s 4.2% senior notes due 2025 (expected ratings Ba1/BB+/BB+) and Cable One, Inc.’s 4% senior notes due 2030 (B2/BB-) were putting in a strong performance with both trading on a 101-handle.
However, MultiPlan’s 5¾% senior notes due 2028 fell flat (B3/B-) and Advantage Sales & Marketing Inc.’s 6½% senior notes due 2028 (B2/B) dropped further below par.
Outside of the new paper, Diamond Sports Group LLC and Diamond Sports Finance Co.’s senior notes continued their downward spiral in active trading.
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