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Summit, Calpine price; Eldorado active; Charter gains continue; Diamond Sports drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 27 – The domestic high-yield primary market was active on Monday with two well-known issuers pricing drive-by deals.
Calpine Corp. priced an upsized $1.5 billion of senior notes (S&P: B) in two tranches.
And Summit Materials, LLC and Summit Materials Finance Corp. priced a $700 million issue of 8.5-year senior notes (B2/BB).
The forward calendar also grew with Italy-based doValue SpA starting a roadshow for a euro-denominated offering and Israel-based Leviathan Bond Ltd. on the road with a $2.25 billion four-tranche offering of senior secured notes (Ba3//BB).
Meanwhile, the secondary space continued to grind tighter on Monday with the market up ¼ point, sources said.
Eldorado Resorts, Inc.’s 8 1/8% senior notes due 2027 were active with the notes trading off their highs.
Charter Communications Inc. subsidiaries CCO Holdings LLC/CCO Holdings Capital Corp.’s 4¼% senior notes due Feb. 1, 2031 (B1/BB) continued to gain in active trading following last week’s massive add-on.
Sinclair Broadcast Group Inc.’s two tranches of senior notes issued by Diamond Sports Group LLC and Diamond Sports Finance Co. gave back some of their gains from last week’s rally in the wake of more cancellations of Major League Baseball games.
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